- 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
|Today last price||0.7184|
|Today Daily Change||0.0008|
|Today Daily Change %||0.11%|
|Today daily open||0.7176|
|Previous Daily High||0.7184|
|Previous Daily Low||0.7114|
|Previous Weekly High||0.7174|
|Previous Weekly Low||0.6993|
|Previous Monthly High||0.7537|
|Previous Monthly Low||0.7063|
|Daily Fibonacci 38.2%||0.7157|
|Daily Fibonacci 61.8%||0.7141|
|Daily Pivot Point S1||0.7133|
|Daily Pivot Point S2||0.7089|
|Daily Pivot Point S3||0.7063|
|Daily Pivot Point R1||0.7202|
|Daily Pivot Point R2||0.7228|
|Daily Pivot Point R3||0.7272|
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