AUD/USD Price Analysis: On the way to monthly resistance line around mid-0.7700s


  • AUD/USD remains well-bid, refreshes intraday top following the previous day’s bounce.
  • Recovery in Momentum indicator also backs the bulls.
  • 200-SMA, 61.8% Fibonacci retracement level become the key support.

AUD/USD takes the bids to 0.7738, up 0.41% intraday, during early Wednesday. In doing so, the quote justifies the previous day’s U-turn from 61.8% Fibonacci retracement of April 13-29 upside, not to forget 200-SMA, amid a recovery in the Momentum line.

It should, however, be noted that a downward sloping trend line from April 29, around 0.7745, guards the pair’s immediate upside.

Following that, the monthly top near 0.7770 and the 0.7800 round figure may entertain AUD/USD buyers before pushing them to the previous month’s top near 0.7820.

Meanwhile, pullback moves may initial battle 50% Fibonacci retracement level of 0.7700 before retesting the late April lows near 0.7690.

Though, any further downside past-0.7690 will have to close below the 200-SMA level of 0.7685, as well as 61.8% Fibonacci retracement level near 0.7670, to recall the AUD/USD bears.

To sum up, AUD/USD is likely to stay in the recovery mode but a bumpy road can’t be ruled out.

AUD/USD four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 0.7734
Today Daily Change 28 pips
Today Daily Change % 0.36%
Today daily open 0.7706
 
Trends
Daily SMA20 0.7718
Daily SMA50 0.7713
Daily SMA100 0.7707
Daily SMA200 0.7471
 
Levels
Previous Daily High 0.7766
Previous Daily Low 0.7674
Previous Weekly High 0.7819
Previous Weekly Low 0.7696
Previous Monthly High 0.7819
Previous Monthly Low 0.7531
Daily Fibonacci 38.2% 0.7709
Daily Fibonacci 61.8% 0.7731
Daily Pivot Point S1 0.7665
Daily Pivot Point S2 0.7624
Daily Pivot Point S3 0.7574
Daily Pivot Point R1 0.7757
Daily Pivot Point R2 0.7807
Daily Pivot Point R3 0.7848

 

 

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