AUD/USD Price Analysis: Recaptures 200-DMA, focus on daily close


  • AUD/USD extends three-day recovery and climbs back above 200-DMA.
  • Potential bear cross on the 1D chart keeps sellers hopeful.  
  • Daily closing above 200-DMA is needed for a bearish reversal in the near term.

AUD/USD jumps back on the bids above 0.7550, reversing the Asian losses, as the US dollar gives up its recovery mode amid Fed Chair Powell’s dovish comments.

Meanwhile, the aussie shrugs off the RBA Deputy Governor Luci Ellis’ dovish stance on monetary policy, as expectations of a sooner-than-expected Official Cash Rate (OCR) underpins the recovery momentum.

Additionally, a potential meeting between the US and China at the G20 Summit next week also bodes well for the Chinese proxy AUD.

From a near tern technical perspective, the aussie has finally recaptured the previous support now resistance at the 200-Daily Moving Average (DMA) of 0.7558.

The bulls, however, need a daily closing above the latter to unleash a meaningful recovery from six-month lows of 0.7477.

The next significant upside hurdle awaits at the 0.7600 threshold, beyond which the bearish 21-DMA at 0.7678 could be attempted.

AUD/USD: Daily chart

The Relative Strength Index (RSI) edges higher but remains below the central line, suggesting that the upside is likely to be limited.

Adding credence to limited bullish potential, the daily chart is on the verge of confirming a bear crossover, with the 50-DMA looking to cut the 100-DMA from above.

If the aussie fails to resist above the 200-DMA, then the downside could resume towards the 0.7500 round number.

The sellers will retest the multi-month troughs at 0.7477 should the selling pressure intensify.

AUD/USD: Additional levels

AUD/USD

Overview
Today last price 0.7564
Today Daily Change 0.0009
Today Daily Change % 0.12
Today daily open 0.7554
 
Trends
Daily SMA20 0.7683
Daily SMA50 0.7728
Daily SMA100 0.7722
Daily SMA200 0.7557
 
Levels
Previous Daily High 0.7565
Previous Daily Low 0.7494
Previous Weekly High 0.7727
Previous Weekly Low 0.7477
Previous Monthly High 0.7892
Previous Monthly Low 0.7674
Daily Fibonacci 38.2% 0.7538
Daily Fibonacci 61.8% 0.7521
Daily Pivot Point S1 0.751
Daily Pivot Point S2 0.7466
Daily Pivot Point S3 0.7439
Daily Pivot Point R1 0.7582
Daily Pivot Point R2 0.7609
Daily Pivot Point R3 0.7653

 

 

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