AUD/USD Price Analysis: Bulls and bears battle it out between key levels


  • AUD/USD remains trapped between key SMAs on hourly sticks.  
  • The Relative Strength Index (RSI) has turned flat at the mid-line.
  • All eyes on US-China phase one trade deal details for fresh directives.

AUD/USD extends its overnight side trend around the 0.6900 level into Wednesday’s Asian trading, as markets await the details of the US-China phase one trade deal for the next direction in the spot.

The US Treasury Secretary Mnuchin said earlier today that the US-China trade deal is fully enforceable and that the trade deal documents will be released on Wednesday.

From a technical perspective, the Aussie looks to extend the range play as long as a tug of war continues between the bulls and bears between the key Hourly Simple Moving Averages (HMA).

The confluence of bearish 200-HMA and horizontal 50-HMA around 0.6905 caps the upside attempts while to the downside the upward sloping 100-HMA lends some support to the bulls. This arrangement has locked the rates in a rectangle pattern, with a strong catalyst awaited for a breakout in either direction.

The hourly RSI has turned flat, right at the midline, backing the case for the range trade to continue in the near-term.

The downside appears more compelling for the Aussie, as it lacks significant support levels if the 0.6890/85 demand area is caved in.

AUD/USD 1-hour chart

AUD/USD Key technical levels

AUD/USD

Overview
Today last price 0.6898
Today Daily Change -0.0006
Today Daily Change % -0.09
Today daily open 0.6904
 
Trends
Daily SMA20 0.6927
Daily SMA50 0.6869
Daily SMA100 0.6836
Daily SMA200 0.6891
 
Levels
Previous Daily High 0.691
Previous Daily Low 0.6884
Previous Weekly High 0.6959
Previous Weekly Low 0.6848
Previous Monthly High 0.7033
Previous Monthly Low 0.6762
Daily Fibonacci 38.2% 0.6894
Daily Fibonacci 61.8% 0.69
Daily Pivot Point S1 0.6889
Daily Pivot Point S2 0.6874
Daily Pivot Point S3 0.6864
Daily Pivot Point R1 0.6914
Daily Pivot Point R2 0.6925
Daily Pivot Point R3 0.694

 

 

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