- 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.
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
|Today last price||0.6328|
|Today Daily Change||0.0029|
|Today Daily Change %||0.46%|
|Today daily open||0.6299|
|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|
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.
Follow us on Telegram
Stay updated of all the news
EUR/USD battles 1.0700 amid calmer risk tone, German ZEW eyed
EUR/USD is juggling in a narrow range just above the 1.0700 level in early Europe. The pair is sidelined amid a relatively calmer risk tone and a pause in the US Dollar decline. Markets digest the latest global banking sector developments ahead of Germany's ZEW survey.
GBP/USD remains pressured around 1.2250 as US Dollar recovers
GBP/USD is on a corrective move lower while testing 1.2250 in the early European morning. A broad rebound in the US Dollar is weighing on the pair, despite a better market mood. Investors stay cautious amid the global banking woes and ahead of the Fed decision.
Gold lingers below the $2,000 mark as the market awaits Fed’s policy decision
Gold price reached a fresh yearly high on Monday this week, with XAU/USD hitting the $2,000 mark for only the third time in recorded history; the last time was during the COVID era. The robust bull run began from the March low of around $1,800, and gold prices have not looked back since.
Coinbase argues core staking services are not securities in its letter to SEC
Coinbase submitted a comment letter to the US financial regulator asking for clarification on core staking services. The exchange explained that staking services fail every single prong of the Howey test, therefore, cannot be treated as securities.
FX thoughts for the week
Do central banks face a conflict between their inflation mandate and financial stability? The markets are still grappling with this question and confidence in the financial sector has not fully recovered. For now, central banks are responding with a conditional no.