• A rebound move after defending the two-year low at around 0.6680 has strengthened aussie bulls.
  • The 50-EMA at 0.6713 has acted as major support for the antipodean.
  • A bullish range shift by the RSI (14) will trigger an upside momentum.

The AUD/USD pair has rebounded sharply after correcting to near 0.6713 in the Tokyo session. The asset is gaining strength amid a firmer establishment above the round-level hurdle of 0.6700. The major has breached the immediate resistance of 0.6732 and is attempting to sustain above the same.

On an hourly scale, the commodity-sensitive currency has bounced sharply after testing the two-year low at around 0.6680. The formation of the Double Bottom chart pattern indicates lower selling pressure while testing the lows again and dried selling resulted in a vertical upside move. The road ahead is not easy for the antipodean and will find hurdles around the horizontal resistance placed from September 1 low around 0.6770.

The 50-period Exponential Moving Average (EMA) at 0.6713 has acted as a major cushion for the counter. While, the 200-EMA at 0.6754 is still higher, which could spoil the mood of Aussie investors.

The Relative Strength Index (RSI) (14) is on the verge of shifting into the bullish range of 60.00-80.00, which will deliver a vertical upside ahead.

Aussie bulls will strengthen further if the asset surpasses the above-mentioned critical hurdle at 0.6770. This will drive the asset towards September 5 high at 0.6832, followed by the previous week’s high at 0.6916.

Alternatively, a break below the above-mentioned demand zone will drag the asset towards the round-level support at 0.6600. A slippage below the latter will drag the asset towards the 25 May 2020 low at 0.6520.

AUD/USD hourly chart

AUD/USD

Overview
Today last price 0.6727
Today Daily Change 0.0001
Today Daily Change % 0.01
Today daily open 0.6726
 
Trends
Daily SMA20 0.6818
Daily SMA50 0.6888
Daily SMA100 0.6948
Daily SMA200 0.7105
 
Levels
Previous Daily High 0.6734
Previous Daily Low 0.6672
Previous Weekly High 0.6916
Previous Weekly Low 0.667
Previous Monthly High 0.7137
Previous Monthly Low 0.6835
Daily Fibonacci 38.2% 0.671
Daily Fibonacci 61.8% 0.6696
Daily Pivot Point S1 0.6687
Daily Pivot Point S2 0.6649
Daily Pivot Point S3 0.6625
Daily Pivot Point R1 0.6749
Daily Pivot Point R2 0.6773
Daily Pivot Point R3 0.6811

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD eyes are on critical daily dynamic support

AUD/USD eyes are on critical daily dynamic support

AUD/USD bears eye a 50% mean reversion in the lower quarter of the 0.6700s. A break of the supporting trendline and subsequent test of  0.6640/50 could be a significant bearish development.

AUDUSD News

EUR/USD aims for 1.0550 despite upbeat US NFP data, Eurozone Retail Sales eyed

EUR/USD aims for 1.0550 despite upbeat US NFP data, Eurozone Retail Sales eyed

The EUR/USD pair is hovering around a fresh five-month high at 1.0545 in the early Asian session. The major currency pair is expected to extend its rally to near 1.0550 ahead amid an upbeat market mood.

EUR/USD News

Gold struggles around $1,800 ahead of ISM Services PMI data

Gold struggles around $1,800 ahead of ISM Services PMI data

Gold price is facing immense pressure in conquering the round-level resistance of $1,800.00 in the early Tokyo session. The precious metal is highly expected to display more gains ahead and may extend towards a fresh three-month high at $1,824.63.

Gold News

AVAX: Traders bet should be on Avalanche bulls triggering a 15% rally

AVAX: Traders bet should be on Avalanche bulls triggering a 15% rally

AVAX price has breached an inverse head-and-shoulders setup, hinting at a 13% upswing. AVAX price has broken out of a critical hurdle and pattern, signaling the start of a quick run-up. AVAX price action created an inverse head-and-shoulder setup.

Read more

The Yen, Payrolls, and the Oil price

The Yen, Payrolls, and the Oil price

US stocks wrapped their second straight week of gains, even if stocks slipped on Friday on the back of better-than-expected US Payrolls data.We have been amazed by the resilience in risky assets of late. This year has seen some incredible macro themes.

Read more

Forex MAJORS

Cryptocurrencies

Signatures