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AUD/USD Price Analysis: Rebounds from 100-SMA to approach 0.7200

  • AUD/USD refreshes weekly high during four-day uptrend, reversing early Asian losses.
  • Successful beak of key SMAs, six-week-old trend line favor buyers.
  • 200-SMA becomes a tough nut to crack for bulls, sellers need validation from 0.7060.

AUD/USD keeps a six-week-old resistance break, bouncing off 100-SMA to refresh daily high near 0.7190 during early Thursday morning in Asia.

In addition to the sustained recovery from the key SMA, not to forget a clear break of 50-SMA and descending trend line from October 29, bullish MACD signals also favor AUD/USD buyers.

That said, 38.2% Fibonacci retracement (Fibo.) level of October-December downside near 0.7210, seems an imminent target for the bulls.

However, the 50% Fibo level near 0.7275 and the 200-SMA figure of 0.7300 will challenge the pair’s upside afterward.

Alternatively, sellers need to conquer the 100-SMA level of 0.7160 to take fresh entries but a convergence of the 50-SMA and previous resistance line, around 0.7100 will challenge the further downside.

Following that, 0.7030 may probe the AUD/USD bears before directing them to the 0.7000-6990 key support zone, including lows marked during November 2020 and so far during December 2021.

AUD/USD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price0.7184
Today Daily Change0.0008
Today Daily Change %0.11%
Today daily open0.7176
 
Trends
Daily SMA200.719
Daily SMA500.7318
Daily SMA1000.7319
Daily SMA2000.7489
 
Levels
Previous Daily High0.7184
Previous Daily Low0.7114
Previous Weekly High0.7174
Previous Weekly Low0.6993
Previous Monthly High0.7537
Previous Monthly Low0.7063
Daily Fibonacci 38.2%0.7157
Daily Fibonacci 61.8%0.7141
Daily Pivot Point S10.7133
Daily Pivot Point S20.7089
Daily Pivot Point S30.7063
Daily Pivot Point R10.7202
Daily Pivot Point R20.7228
Daily Pivot Point R30.7272

Author

Anil Panchal

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.

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