AUD/USD Price Analysis: Nears 100-DMA hurdle after the big technical breakout

AUD/USD approaches 0.7400 after symmetrical triangle breakout on the 1D chart.
100-DMA resistance at 0.7416 is the level to beat for the aussie bulls.
Daily RSI points north well above the midline, suggesting more gains.

Dhwani Mehta FXStreet

AUD/USD is building onto Wednesday’s rally, as the buying interest around the aussie remains unabated, despite the mixed Australian jobs and Chinese inflation figures.

The major has recaptured the 0.7400 mark, adding 0.33% on the day, quickly approaching the critical descending 100-Daily Moving Average (DMA) at 0.7416.

AUD/USD’s uptrend found additional legs after the bulls yielded a month-long symmetrical triangle breakout on the daily chart on Wednesday.

The 14-day Relative Strength Index (RSI) is edging higher above the midline, allowing room for more upside.

Therefore, acceptance above the 100-DMA barrier will open doors towards the 0.7450 psychological resistance.

Further up, the September highs of 0.7478 could challenge the bearish commitments.

AUD/USD: Daily chart

Alternatively, the triangle resistance-turned-support at 0.7362 will guard the immediate downside.

The next significant goal for the AUD bears will be the horizontal 50-DMA at 0.7305. More weakness will prompt the sellers to test the mildly bullish 21-DMA at 0.7285.

AUD/USD: Additional levels to consider

AUD/USD

Overview
Today last price	0.7403
Today Daily Change	0.0026
Today Daily Change %	0.35
Today daily open	0.7378

Trends
Daily SMA20	0.7279
Daily SMA50	0.7305
Daily SMA100	0.7419
Daily SMA200	0.7574

Levels
Previous Daily High	0.7383
Previous Daily Low	0.7322
Previous Weekly High	0.7339
Previous Weekly Low	0.7226
Previous Monthly High	0.7478
Previous Monthly Low	0.717
Daily Fibonacci 38.2%	0.736
Daily Fibonacci 61.8%	0.7346
Daily Pivot Point S1	0.7339
Daily Pivot Point S2	0.7301
Daily Pivot Point S3	0.7279
Daily Pivot Point R1	0.74
Daily Pivot Point R2	0.7422
Daily Pivot Point R3	0.746

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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