- AUD/USD picks up bids to refresh intraday high, snaps two-day downtrend.
- 50% Fibonacci retracement, weekly support line restrict short-term downside.
- One-week-old horizontal area, 50-HMA add to the upside filters.
- Higher high on prices, RSI favors bulls to battle short-term resistances.
AUD/USD renews intraday high around 0.7090, up 0.20% on a day during early Monday morning in Europe.
In doing so, the Aussie pair portrays a corrective pullback beyond short-term key Fibonacci retracement levels while challenging the 200-HMA. Adding strength to the bullish is the higher low in the RSI line, as well as the AUD/USD prices.
It should be noted, however, that the 200-HMA level of 0.7095 guards the quote’s immediate upside.
Following that, a one-week-old horizontal area joins 50-HMA to challenge AUD/USD bulls around 0.7110, a break of which will confirm short-term bullish bias targeting 0.7170.
Meanwhile, pullback moves may initially test the 50% and 61.8% Fibonacci retracement levels of January 28 to February 03 upside, respectively at 0.7067 and 0.7043.
Also acting as a downside filter is an upward sloping trend line from February 01, near 0.7055.
Should the quote drops below 0.7043, the odds of its further south-run targeting the 0.7000 psychological magnet can’t be ruled out.
AUD/USD: Hourly chart
Trend: Pullback expecte
Additional important levels
|Today last price||0.7089|
|Today Daily Change||0.0014|
|Today Daily Change %||0.20%|
|Today daily open||0.7075|
|Previous Daily High||0.7153|
|Previous Daily Low||0.7051|
|Previous Weekly High||0.7168|
|Previous Weekly Low||0.6985|
|Previous Monthly High||0.7315|
|Previous Monthly Low||0.6966|
|Daily Fibonacci 38.2%||0.709|
|Daily Fibonacci 61.8%||0.7114|
|Daily Pivot Point S1||0.7033|
|Daily Pivot Point S2||0.6991|
|Daily Pivot Point S3||0.6931|
|Daily Pivot Point R1||0.7135|
|Daily Pivot Point R2||0.7195|
|Daily Pivot Point R3||0.7237|
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