- 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
|Today last price||0.6898|
|Today Daily Change||-0.0006|
|Today Daily Change %||-0.09|
|Today daily open||0.6904|
|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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