• Aussie bulls are facing barricades around 50% Fibo retracement at 0.6983.
  • The asset is expected to remain sideways in the 0.6890-0.7045 range.
  • The 200-EMA has turned flat while the 50-EMA is overlapping with the asset prices.

The AUD/USD pair is displaying back and forth moves in a narrow range of 0.6945-0.6976 in the Asian session. The asset has turned sideways after a responsive buying action from a cushion below 0.6900. Usually, a responsive buying action indicates the initiation of significant longs by the market participants as they find the asset price a value bet.

On a four-hour scale, the aussie bulls are facing barricades around the 50% Fibonacci retracement (which is placed from June high at 0.7283 to July 14 low at 0.6707) at 0.6983. This has pushed the asset into a charted territory. The asset will consolidate in a 0.6890-0.7045 range ahead.

The 200-period Exponential Moving Average (EMA) at 0.6930. Also, the 50-EMA at 0.6952 is overlapping with the asset prices, which signals a consolidation ahead.

Adding to that, the Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range, which indicates that the asset is awaiting a potential trigger for a meaningful move.

A decisive move above the six-week high at 0.7047 will send the major towards the round-level resistance of 0.7100, followed by May 31 high at 0.7204.

Alternatively, a downside break of the above-mentioned consolidation, which is in a 0.6890-0.7045 range will drag the asset towards a 23.6% Fibo retracement at 0.6823. A slippage below 23.6% Fibo retracement will trigger the downside risk to July 5 low at 0.6761.

AUD/USD four-hour chart

AUD/USD

Overview
Today last price 0.6958
Today Daily Change -0.0012
Today Daily Change % -0.17
Today daily open 0.697
 
Trends
Daily SMA20 0.6892
Daily SMA50 0.696
Daily SMA100 0.7111
Daily SMA200 0.7164
 
Levels
Previous Daily High 0.6991
Previous Daily Low 0.6934
Previous Weekly High 0.7033
Previous Weekly Low 0.6879
Previous Monthly High 0.7033
Previous Monthly Low 0.668
Daily Fibonacci 38.2% 0.6969
Daily Fibonacci 61.8% 0.6956
Daily Pivot Point S1 0.6939
Daily Pivot Point S2 0.6909
Daily Pivot Point S3 0.6883
Daily Pivot Point R1 0.6996
Daily Pivot Point R2 0.7022
Daily Pivot Point R3 0.7052

 

 

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: Bears are making their move

AUD/USD: Bears are making their move

Bears remain below the counter-trendline resistance which leaves the focus on the downside. AUD/USD bears could be about to move in for a run to 0.6800. The price is being rejected by the counter trendline resistance and is forking the makings of an M-formation in the process.

AUD/USD News

EUR/USD struggles to defend 1.0200 as sour sentiment teases DXY bulls ahead of US inflation

EUR/USD struggles to defend 1.0200 as sour sentiment teases DXY bulls ahead of US inflation

EUR/USD fades the corrective pullback from 1.0202 around 1.0215 as traders turn cautious ahead of the key US CPI during the initial hour of Wednesday’s Asian session. Also exerting downside pressure on the major currency pair are the economic fears surrounding the Eurozone.

EUR/USD News

Gold aims to recapture $1,800 as investors trim US Inflation forecasts

Gold aims to recapture $1,800 as investors trim US Inflation forecasts

Gold price is displaying a volatility contraction after printing a fresh monthly high at around $1,800.00 on Tuesday. The precious metal witnessed a decent north-side move on Tuesday and later on turned sideways ahead of US CPI.

Gold News

Iran adopts crypto in foreign trade, debuts with $10 million import order

Iran adopts crypto in foreign trade, debuts with $10 million import order

In a watershed moment for crypto adoption, Iran registered its first official order for importing $10M worth of goods paid for in cryptocurrencies. A private Iranian news agency reported that the Ministry of Industry, Mine and Trade has plans to widely use cryptos in foreign trade.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures