AUD/USD Price Analysis: Confined in a range below 0.6500 mark, 100-day SMA


  • AUD/USD remains confined in a range below 0.6500 mark through the early European session.
  • Traders await a sustained breakthrough the recent range before placing fresh directional bets.

The AUD/USD pair traded with a mild positive bias through the early European session, albeit lacked any strong follow-through and remained below the key 0.6500 psychological mark. The mentioned level is followed by the 100-day SMA near the 0.6525 level and a static resistance near the 0.6560-70 zone, which has been capping the upside over the past two weeks or so.

Meanwhile, any meaningful pullbacks were being bought into near 100-period SMA on the 4-hourly chart, which coincides with a three-week-old ascending trend-line support. The combination of the 0.6560-70 horizontal barrier and an upward sloping trend-line constituted towards the formation of a bullish ascending triangle on short-term charts.

Bulls technical indicators on the daily chart further add credence to the constructive set-up and support prospects for an extension of the recent recovery from multi-year lows. However, it will be prudent to wait for a convincing break through the triangle resistance before confirming a bullish bias and positioning for any further appreciating move.

Conversely, a sustained weakness below the 0.6435-25 confluence support will negate the positive outlook and turn the pair vulnerable to slide back towards testing sub-0.6300 levels.

AUD/USD 4-hourly chart

fxsoriginal

Technical levels to watch

AUD/USD

Overview
Today last price 0.6485
Today Daily Change 0.0014
Today Daily Change % 0.22
Today daily open 0.6471
 
Trends
Daily SMA20 0.6419
Daily SMA50 0.6282
Daily SMA100 0.6532
Daily SMA200 0.6672
 
Levels
Previous Daily High 0.6536
Previous Daily Low 0.6432
Previous Weekly High 0.6549
Previous Weekly Low 0.6372
Previous Monthly High 0.657
Previous Monthly Low 0.598
Daily Fibonacci 38.2% 0.6472
Daily Fibonacci 61.8% 0.6497
Daily Pivot Point S1 0.6423
Daily Pivot Point S2 0.6375
Daily Pivot Point S3 0.6319
Daily Pivot Point R1 0.6527
Daily Pivot Point R2 0.6584
Daily Pivot Point R3 0.6632

 

 

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