• AUD/USD stages a modest bounce from a one-month-old ascending trend-channel.
  • The set-up favours bullish traders and supports prospects for additional intraday gains.
  • A sustained move back above the 0.7200 mark will reinforce the constructive outlook.

The AUD/USD pair attracted some dip-buying near the lower end of a one-month-old ascending channel and has now recovered around 30 pips from the Asian session lows. The mentioned support is pegged near the 0.7145 region, which should now act as a key pivotal point for short-term traders.

The emergence of some dip-buying on Monday, along with bullish oscillators on the daily chart favours bullish traders. Moreover, technical indicators on the 1-hourly chart have again started gaining some positive traction and support prospects for a further intraday appreciating move.

That said, bulls might still wait for a sustained move beyond the 0.7200 mark before placing aggressive bets. Above the mentioned level, the pair is likely to accelerate the momentum back towards YTD tops, around the 0.7275 area, before eventually aiming to reclaim the 0.7300 mark.

On the flip side, a sustained break below the trend-channel support might be seen as a fresh trigger for bearish traders. This, in turn, will set the stage for an extension of the corrective slide towards, even below the 0.7100 mark, towards retesting monthly lows, around the 0.7075 zone.

A subsequent slide is likely to find decent support, rather might be seen as a buying opportunity and remain limited near a previous strong resistance breakpoint near the 0.7050-40 region.

AUD/USD 4-hourly chart

fxsoriginal

Technical levels to watch

AUD/USD

Overview
Today last price 0.7176
Today Daily Change 0.0016
Today Daily Change % 0.22
Today daily open 0.716
 
Trends
Daily SMA20 0.7173
Daily SMA50 0.7041
Daily SMA100 0.6789
Daily SMA200 0.6721
 
Levels
Previous Daily High 0.7216
Previous Daily Low 0.7138
Previous Weekly High 0.7277
Previous Weekly Low 0.7134
Previous Monthly High 0.7228
Previous Monthly Low 0.6876
Daily Fibonacci 38.2% 0.7168
Daily Fibonacci 61.8% 0.7186
Daily Pivot Point S1 0.7127
Daily Pivot Point S2 0.7094
Daily Pivot Point S3 0.7049
Daily Pivot Point R1 0.7205
Daily Pivot Point R2 0.7249
Daily Pivot Point R3 0.7282

 

 

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