AUD/USD Price Analysis: Bulls cheer 0.6770 breakout at 11-week high

AUD/USD grinds higher after refreshing multi-day top, firmer during three-day uptrend.
Convergence of previous resistance line, 61.8% Fibonacci retracement restricts downside.
September’s high, 200-DMA lure buyers amid firmer oscillators.

Anil Panchal FXStreet

AUD/USD juggles around 0.6810 heading into Thursday’s European session, after rising to the highest levels since September 13 earlier in the day.

That said, the Aussie pair prints a three-day uptrend as bulls cheer the previous day’s run-up beyond the downward-sloping resistance line from the mid-September, as well as the 61.8% Fibonacci retracement level of the pair’s August-October upside, surrounding 0.6770.

Also keeping the buyers hopeful are the bullish MACD signals and the firmer RSI (14), not overbought.

As a result, the AUD/USD bulls are on the way to approaching the next key hurdle to the north, namely September’s high surrounding 0.6915.

However, the RSI line is near the overbought conditions and may challenge the bull’s upside past 0.6915, if not then the 200-DMA resistance of 0.6925 could restrict the Aussie pair’s further advances.

Meanwhile, a downside break of the 0.6770 support confluence isn’t an open welcome to the AUD/USD bears as a three-week-old horizontal support zone near 0.6580 could restrict the pair’s further declines.

In a case where the quote drops below 0.6580, an ascending trend line from October 13, near 0.6410 acts as the last defense of the bulls.

AUD/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.6808
Today Daily Change	0.0020
Today Daily Change %	0.29%
Today daily open	0.6788

Trends
Daily SMA20	0.6634
Daily SMA50	0.6491
Daily SMA100	0.6687
Daily SMA200	0.6928

Levels
Previous Daily High	0.6801
Previous Daily Low	0.667
Previous Weekly High	0.6781
Previous Weekly Low	0.6585
Previous Monthly High	0.6801
Previous Monthly Low	0.6272
Daily Fibonacci 38.2%	0.6751
Daily Fibonacci 61.8%	0.672
Daily Pivot Point S1	0.6705
Daily Pivot Point S2	0.6622
Daily Pivot Point S3	0.6575
Daily Pivot Point R1	0.6836
Daily Pivot Point R2	0.6884
Daily Pivot Point R3	0.6966

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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