AUD/USD Price Analysis: Bulls eye 0.7000 amid symmetrical triangle breakout

AUD/USD’s path of least resistance is to the upside.
The spot charts symmetrical triangle breakout on hourly sticks.
A test of 0.70 likely, as focus shifts to US Services PMI, RBA.

Dhwani Mehta FXStreet

AUD/USD broke the recent 50-pips range trade to the upside on Monday, helped by the risk-on market mood, as the global stimulus hopes overshadowed the coronavirus and Australian-Sino concerns.

Looking at the hourly chart, the spot has confirmed a symmetrical triangle breakout in early Asia, having pierced through the falling trendline (pattern) resistance at 0.6943.

The bulls now aim for the pattern target of 0.6995 in the week ahead, in absence of healthy upside barriers.

On the flip side, the 0.6944/43 level will limit any pullbacks, as the falling trendline resistance-turned-support and bullish 21-hourly Simple Moving Average (HMA) coincide at that level.

Further south, the confluence of the 50-HMA and the rising trendline (pattern) support at 0.6936/33 will be tested.

A break below the latter will trigger a fresh decline towards the upward sloping 100-HMA at 0.6914 while the horizontal 200-HMA at 0.6897 will be the level to beat for the bears.

AUD/USD hourly chart

AUD/USD additional levels

AUD/USD

Overview
Today last price	0.6961
Today Daily Change	0.0019
Today Daily Change %	0.27
Today daily open	0.6942

Trends
Daily SMA20	0.6904
Daily SMA50	0.671
Daily SMA100	0.6512
Daily SMA200	0.6671

Levels
Previous Daily High	0.6949
Previous Daily Low	0.6912
Previous Weekly High	0.6953
Previous Weekly Low	0.6832
Previous Monthly High	0.7065
Previous Monthly Low	0.6648
Daily Fibonacci 38.2%	0.6935
Daily Fibonacci 61.8%	0.6926
Daily Pivot Point S1	0.692
Daily Pivot Point S2	0.6898
Daily Pivot Point S3	0.6884
Daily Pivot Point R1	0.6956
Daily Pivot Point R2	0.6971
Daily Pivot Point R3	0.6993

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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