AUD/USD Price Analysis: Clears one-week-old resistance line, 100-HMA amid risk-on mood

AUD/USD probes intraday high while keeping pullback moves from one-month low.
A falling trend line from October 09 is on the bull’s radars.
Bears will look for a clear downside break of 0.7050/45 for fresh entries.
Progress in the US stimulus talks favors trading sentiment.

Anil Panchal FXStreet

AUD/USD refreshes intraday high to currently around 0.7080 during early Wednesday. The pair recently crossed a downward sloping trend line from October 14 and 100-HMA amid bullish MACD. Considering the pair’s status as a risk barometer, the recent optimism surrounding the US stimulus package helps the buyers.

Hence, a sustained trading above the previous resistance line, also the key HMA, helps AUD/USD buyers to aim for another descending trend line barrier near 0.7100.

However, a 200-HMA level of 0.7135 could restrict the quote’s further upside past-0.7100.

Meanwhile, a downside break below the previous resistance line, at 0.7070 now, will aim for the immediate support line, currently around 0.7050.

Also challenging the AUD/USD bears is an upward sloping trend line from June, near 0.7045, which holds the gate for additional south-run towards the 0.7000 threshold.

AUD/USD hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.7077
Today Daily Change	29 pips
Today Daily Change %	0.41%
Today daily open	0.7048

Trends
Daily SMA20	0.7126
Daily SMA50	0.7201
Daily SMA100	0.7101
Daily SMA200	0.6791

Levels
Previous Daily High	0.7074
Previous Daily Low	0.702
Previous Weekly High	0.7242
Previous Weekly Low	0.7055
Previous Monthly High	0.7414
Previous Monthly Low	0.7004
Daily Fibonacci 38.2%	0.704
Daily Fibonacci 61.8%	0.7053
Daily Pivot Point S1	0.702
Daily Pivot Point S2	0.6993
Daily Pivot Point S3	0.6966
Daily Pivot Point R1	0.7075
Daily Pivot Point R2	0.7102
Daily Pivot Point R3	0.7129

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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