AUD/USD Price Analysis: Defends 200-HMA breakout inside rising wedge


  • AUD/USD keeps early Asian bounce off 200-HMA inside a bearish chart pattern.
  • Poised for further upside amid bullish MACD conditions, ability to stay past the key moving average.
  • Sellers need to confirm bearish wedge breakdown to refresh yearly low.

AUD/USD holds onto the day-start gains around 0.7500, up 0.26% intraday, as European traders brace for Tuesday’s work. In doing so, the Aussie pair stays above 200-HMA while staying inside the bearish chart pattern, rising wedge, on the hourly play.

Given the quote’s sustained trading above 200-HMA and bullish MACD signals, AUD/USD prices are likely to defy the bearish chart pattern, with an upside break of the immediate resistance line near 0.7505.

Following that, last Wednesday’s top surrounding 0.7535 and the monthly high near the 0.7600 round figure could entertain the bulls.

However, the pair’s failures to stay beyond 0.7488 HMA support, backed by a confirmation of rising wedge bearish chart pattern, via downside break of 0.7470, won’t hesitate to refresh the yearly low surrounding 0.7410.

It’s worth noting that highs marked during August-September 2020, around 0.7415, coupled with the 0.7400 psychological magnet, add filters to the downside.

AUD/USD hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 0.7495
Today Daily Change 0.0020
Today Daily Change % 0.27%
Today daily open 0.7475
 
Trends
Daily SMA20 0.7532
Daily SMA50 0.7663
Daily SMA100 0.769
Daily SMA200 0.7581
 
Levels
Previous Daily High 0.7496
Previous Daily Low 0.7448
Previous Weekly High 0.7599
Previous Weekly Low 0.7409
Previous Monthly High 0.7794
Previous Monthly Low 0.7477
Daily Fibonacci 38.2% 0.7466
Daily Fibonacci 61.8% 0.7477
Daily Pivot Point S1 0.745
Daily Pivot Point S2 0.7424
Daily Pivot Point S3 0.7401
Daily Pivot Point R1 0.7498
Daily Pivot Point R2 0.7521
Daily Pivot Point R3 0.7547

 

 

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