AUD/USD Price Analysis: Lookout for 0.7300 above 50.0% Fibonacci retracement


  • AUD/USD edges higher on Monday in the Asian trading hour.
  • Strong support emerges near 61.8% Fibonacci retracement with multiple bottom formations.
  • The bulls remain hopeful above 0.7300 despite a neutral MACD.

AUD/USD prints gains on the first trading day of the week. The pair opened lower but recovered swiftly to touch the intraday high 0.7291. At the time of writing,  AUD/USD is trading at 0.7285, up 0.33% for the day.

AUD/USD daily chart

On the daily chart, after testing the YTD lows at 0.7105 on August 24, the AUD/USD pair tested the high of 0.7478 on September 3. The pair failed to preserve the momentum and traced back to the lower levels while consolidating near 0.7220 since the past week.

Currently, if price sustains above the intraday high, then it could move back to the psychological 0.7300 level, which also coincides with the 50% Fibonacci retracement that extends from the low of 0.7105. A daily close above the mentioned level would take AUD/USD bulls toward the 0.7350 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator trades below the midline. Any uptick in the MACD would amplify the buying pressure toward the high made on September 10 at 0.7410.

Alternatively, if price reverses direction and breaks the multiple support formation near 0.7250, it would drag the pair toward the 0.7200 horizontal support line. Next, the market participants would aim for the 0.7150 horizontal support level, followed by the yearly lows at 0.7105.

AUD/USD additional levels

AUD/USD

Overview
Today last price 0.7283
Today Daily Change 0.0022
Today Daily Change % 0.30
Today daily open 0.7261
 
Trends
Daily SMA20 0.7332
Daily SMA50 0.7327
Daily SMA100 0.7482
Daily SMA200 0.7597
 
Levels
Previous Daily High 0.7317
Previous Daily Low 0.7235
Previous Weekly High 0.7317
Previous Weekly Low 0.7219
Previous Monthly High 0.7427
Previous Monthly Low 0.7106
Daily Fibonacci 38.2% 0.7266
Daily Fibonacci 61.8% 0.7286
Daily Pivot Point S1 0.7225
Daily Pivot Point S2 0.7189
Daily Pivot Point S3 0.7143
Daily Pivot Point R1 0.7307
Daily Pivot Point R2 0.7353
Daily Pivot Point R3 0.7389

 


 

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