AUD/USD Price Analysis: Bulls and bears jostle between 50-DMA and 0.7025 hurdle


  • AUD/USD remains sidelined between 50-DMA and downward sloping resistance line from late April.
  • Sustained break of four-month-old previous resistance joins firmer RSI to keep buyers hopeful.
  • Successful trading beyond 200-DMA becomes necessary to reverse the downtrend from April.

AUD/USD remains idle around d 0.7000 as traders await fresh signals during Tuesday’s Asian session, after the upbeat start of the week.

In doing so, the Aussie pair seesaws between the 50-DMA and the downward sloping resistance line from late April. Given the firmer RSI and the lack of bearish MACD signals, the recent upside momentum of the pair is likely to extend.

However, a daily closing beyond the aforementioned resistance line, at 0.7025 by the press time, appears necessary for the AUD/USD bulls to keep reins.

Following that, the 38.2% Fibonacci retracement of the April-July downturn and the 200-DMA, respectively near 0.7060 and 0.7125 will gain the market’s attention.

On the flip side, a break of the 50-DMA support near 0.6880 isn’t an open invitation to the AUD/USD bears as the resistance-turned-support from early April, at 0.6855 at the latest, will challenge the downside moves.

In a case where the AUD/USD prices remain weak past 0.6885, the odds of witnessing a south-run towards the yearly low marked in July around 0.6680 can’t be ruled out.

AUD/USD: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price 0.6985
Today Daily Change -0.0001
Today Daily Change % -0.01%
Today daily open 0.6986
 
Trends
Daily SMA20 0.6906
Daily SMA50 0.6951
Daily SMA100 0.7101
Daily SMA200 0.7159
 
Levels
Previous Daily High 0.701
Previous Daily Low 0.6898
Previous Weekly High 0.7048
Previous Weekly Low 0.6869
Previous Monthly High 0.7033
Previous Monthly Low 0.668
Daily Fibonacci 38.2% 0.6967
Daily Fibonacci 61.8% 0.694
Daily Pivot Point S1 0.6919
Daily Pivot Point S2 0.6852
Daily Pivot Point S3 0.6806
Daily Pivot Point R1 0.7031
Daily Pivot Point R2 0.7077
Daily Pivot Point R3 0.7144

 

 

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