AUD/USD Price Analysis: Marches towards 0.6450 inside bearish channel

AUD/USD extends bounce off 2.5-year low, grinds higher around daily top of late.
Rebound from the key support joins price-positive oscillators to keep buyers hopeful.
Sellers remain hopes unless the quote stays inside five-week-old bearish channel.

Anil Panchal FXStreet

AUD/USD dribbles around the intraday high of 0.6343 while extending the previous day’s rebound from a 30-month low. In doing so, the Aussie pair remains firmer for the second consecutive day while staying inside a bearish chart pattern, namely the descending trend channel established from September 07.

The quote’s rebound from 0.6170 appears a corrective bounce from the aforementioned channel’s support, suggesting further recovery. Also favoring the pair’s upside momentum is the RSI’s gradual uplift from the nearly oversold region and the impending bull cross on the MACD.

With this, the Aussie pair is all-set to challenge the 10-DMA hurdle, around 0.6375. However, the bearish channel’s upper line, close to 0.6410 at the latest, could challenge the AUD/USD buyers afterward.

In a case where the prices successfully cross the 0.6410 hurdle, the odds of witnessing a run-up toward the monthly high of 0.6547 can’t be ruled out.

Alternatively, pullback moves could aim for the 0.6300 threshold before highlighting the March 2020 high near 0.6215.

Following that, the lower line of the channel, around 0.6150 by the press time, will be crucial for the AUD/USD bears to watch.

AUD/USD: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	0.6328
Today Daily Change	0.0029
Today Daily Change %	0.46%
Today daily open	0.6299

Trends
Daily SMA20	0.6484
Daily SMA50	0.6728
Daily SMA100	0.6844
Daily SMA200	0.7038

Levels
Previous Daily High	0.6317
Previous Daily Low	0.617
Previous Weekly High	0.6548
Previous Weekly Low	0.6354
Previous Monthly High	0.6916
Previous Monthly Low	0.6363
Daily Fibonacci 38.2%	0.6261
Daily Fibonacci 61.8%	0.6226
Daily Pivot Point S1	0.6207
Daily Pivot Point S2	0.6116
Daily Pivot Point S3	0.6061
Daily Pivot Point R1	0.6354
Daily Pivot Point R2	0.6408
Daily Pivot Point R3	0.65

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.