- AUD/USD seesaws in a choppy range near weekly top.
- Two-month-old horizontal area offers immediate support, previous hurdle from February 05 guards nearby upside.
- Bullish MACD backs recent recovery from short-term support line, 200-bar SMA.
AUD/USD takes rounds to 0.7830 amid the early Wednesday. The pair recovered so far during the week before pausing the run-up off-late. In doing so, the quote gives a sober reaction to the upbeat Aussie Q4 GDP and weak China Caixin Services PMI.
Even so, the pair’s successful trading above a broad horizontal hurdle established since early January, as well as strength beyond the key SMA and one-month-old support line, favor the AUD/USD buyers.
That said, the previous resistance line from February 04, at 0.7865 now, seems to lure short-term buyers of the AUD/USD ahead of directing them to the 0.7900 round-figure.
In a case where bulls keep the reins past-0.7900, the 0.7930 becomes a buffer ahead of the yearly top surrounding 0.8010.
If at all the AUD/USD prices slip below the immediate support zone occupying the 0.7820-05 area, 200-bar SMA and short-term support line, respectively near 0.7740 and 0.7725, should test the sellers.
However, sustained weakness below 0.7725 may eye the previous week’s low near 0.7690 before confirming the downside to the sub-0.7600 region.
AUD/USD four-hour chart
Trend: Bullish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Latest Forex News
Editors’ Picks
EUR/USD retreats from 1.20 amid mixed US data
EUR/USD has retreated from its move toward 1.20 as US data is mixed. Building Permits and Housing Starts beat expectations but Consumer Sentiment missed with 86.5 points. Vaccine news is eyed.
GBP/USD battles 1.38 as US yields halt their falls
GBP/USD is trading around 1.38, off the highs as US Treasury yields are stabilizing after falling beforehand. US data is mixed. Sterling continues benefiting from Britain's vaccination campaign.
Stellar bulls on wrong side of uphill battle
XLM price has erected an ascending parallel channel on the 4-hour chart. A bounce from the setup’s lower trend line, although logical, seems unlikely. Stellar’s bear flag pattern on the 1-hour chart adds weight to the bearish outlook.
XAU/USD climbs to the highest level since Feb. 25, beyond $1,780
Gold gained strong follow-through traction for the second consecutive session on Friday. The USD struggled to capitalize on its attempted recovery and benefitted the commodity. Rebounding US bond yields, the risk-on mood did little to hinder the positive momentum.
Gamestop waits for breakout signal, technical levels to watch
GameStop is struggling for relevance as COIN takes over! GME shares under pressure, down 6% on Thursday. GME is looking for a new CEO according to Reuters.