AUD/USD Price Analysis: Bulls managed to defend descending triangle support, at least for now


  • AUD/USD failed to capitalize on the recent strong recovery move from multi-year lows.
  • The intraday bias seems tilted in favour of bearish traders, albeit warrants some caution.

The AUD/USD pair traded with a mild negative bias through the early North-American session, albeit has still managed to hold comfortably above the 0.6110 horizontal support.

The mentioned support seemed to constitute towards the formation of a bearish triangle on short-term charts, which should now act as a key pivotal point for short-term traders.

Meanwhile, technical indicators on the 1-hourly chart have been losing traction but maintained their bullish bias on the 4-hourly/daily charts, warranting caution for bearish traders.

Hence, it will be prudent to wait for a sustained break below the triangle support before confirming that the recent corrective rally from multi-year lows might have already run out of the steam.

Traders might then start positioning for the resumption of the prior/well-established bearish trend and a slide towards the 0.6060-55 intermediate support en-route the 0.6015-20 region.

On the flip side, a sustained break through a descending trend-line resistance, currently near the 0.6155 region, will negate the bearish bias and set the stage for additional gains in the near-term.

AUD/USD 30-mins chart

fxsoriginal

Technical levels to watch

AUD/USD

Overview
Today last price 0.6124
Today Daily Change -0.0043
Today Daily Change % -0.70
Today daily open 0.6167
 
Trends
Daily SMA20 0.6221
Daily SMA50 0.6513
Daily SMA100 0.6691
Daily SMA200 0.677
 
Levels
Previous Daily High 0.62
Previous Daily Low 0.6023
Previous Weekly High 0.62
Previous Weekly Low 0.57
Previous Monthly High 0.6775
Previous Monthly Low 0.6434
Daily Fibonacci 38.2% 0.6132
Daily Fibonacci 61.8% 0.6091
Daily Pivot Point S1 0.606
Daily Pivot Point S2 0.5952
Daily Pivot Point S3 0.5882
Daily Pivot Point R1 0.6237
Daily Pivot Point R2 0.6308
Daily Pivot Point R3 0.6415

 

 

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