AUD/USD Price Analysis: Pierces 0.7300 to refresh intraday high but bulls stay cautious


  • AUD/USD bounces off rising-wedge support to print four-day winning streak.
  • Repeated failures to stay strong past-0.7300 prints a bearish a chart pattern.
  • Buyers will remain worried unless crossing 0.7416, 200-bar SMA and a six-week-old rising trend line add to the support.

AUD/USD picks up bids near 0.7300, intraday high of 0.7309, during the early Wednesday’s trading. With this, the aussie pair rises for the fourth day in a row. However, the existence of a bearish formation on the four-hour (4H) chart joins the pair’s multiple pullbacks from above 0.7300 area to keep the sellers hopeful.

As a result, the bears are looking for entries below 0.7280 while putting the theoretical target near 0.7130 in the spotlight.

Though, 200-bar SMA, at 0.7231 now, followed by an ascending trend line from August 03, currently around 0.7215, can offer an intermediate halt to the AUD/USD downside below 0.7280 but ahead of 0.7130.

On the flip side, the recent pullback can attempt to defy the bearish chart with an upside break of 0.7350.

It should, however, be noted that the 0.7400 round-figures and the August month’s high of 0.7416, also the multi-month peak, will challenge the bulls targeting the August 2018 peak surrounding 0.7455.

AUD/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 0.7304
Today Daily Change 2 pips
Today Daily Change % 0.03%
Today daily open 0.7302
 
Trends
Daily SMA20 0.7265
Daily SMA50 0.717
Daily SMA100 0.695
Daily SMA200 0.6762
 
Levels
Previous Daily High 0.7344
Previous Daily Low 0.7266
Previous Weekly High 0.7325
Previous Weekly Low 0.7192
Previous Monthly High 0.7416
Previous Monthly Low 0.7076
Daily Fibonacci 38.2% 0.7314
Daily Fibonacci 61.8% 0.7296
Daily Pivot Point S1 0.7264
Daily Pivot Point S2 0.7227
Daily Pivot Point S3 0.7187
Daily Pivot Point R1 0.7342
Daily Pivot Point R2 0.7382
Daily Pivot Point R3 0.7419

 

 

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