AUD/USD Price Analysis: Remans below 0.6500, bulls await move beyond 200-SMA on H4

AUD/USD eases from a one-and-half-week high touched earlier this Thursday.
The overnight breakout through a descending channel favours bullish traders.
Investors keenly await the Jackson Hole Symposium before placing fresh bets.

Haresh Menghani FXStreet

The AUD/USD pair struggles to capitalize on its weekly gains and retreats a few pips from a one-and-half-week high touched during the Asian session on Thursday. Spot prices currently trade around the 0.6475 region, down less than 0.10% for the day, as traders now look to the crucial Jackson Hole Symposium before placing fresh directional bets.

In the meantime, concerns about the worsening economic conditions in China, along with rising bets for another on-hold decision by the Reserve Bank of Australia (RBA) in September, continue to act as a headwind for the Aussie. The US Dollar (USD), on the other hand, is seen consolidating the overnight retracement slide from its highest level in more than two months and lending some support to the AUD/USD pair.

From a technical perspective, the overnight breakout through a downward-sloping channel extending from the monthly peak was seen as a fresh trigger for bulls. Moreover, oscillators on hourly charts are holding in the positive territory and support prospects for additional gains. That said, it will still be prudent to wait for a sustained strength beyond the 0.6500 psychological mark before placing fresh bullish bets.

The aforementioned handle coincides with the 100-period Simple Moving Average (SMA) on the 4-hour chart and should act as a pivotal point. Some follow-through buying should pave the way for an extension of the recent recovery from the YTD low touched last week and lift the AUD/USD pair further towards the 0.6530 region en route to the 0.6570-0.6575 horizontal barrier and the 0.6600 round-figure mark.

On the flip side, the 0.6455-0.6450 area now seems to protect the immediate downside ahead of the 0.6425-0.6420 zone and the 0.6400 mark. A convincing break below the latter will expose the YTD low, around the 0.6365 zone, below which the AUD/USD pair could eventually slide to the 0.6300 mark, representing the downside target of the bearish double-top chart pattern formation near the 0.6900 mark.

This is followed by the 0.6270 area or the November 2022 trough. Some follow-through selling might turn the AUD/USD pair vulnerable to accelerate the downfall further towards the 0.6200 round-figure mark.

AUD/USD 4-hour chart

Technical levels to watch

AUD/USD

Overview
Today last price	0.6474
Today Daily Change	-0.0007
Today Daily Change %	-0.11
Today daily open	0.6481

Trends
Daily SMA20	0.6525
Daily SMA50	0.6656
Daily SMA100	0.666
Daily SMA200	0.673

Levels
Previous Daily High	0.6482
Previous Daily Low	0.6411
Previous Weekly High	0.6522
Previous Weekly Low	0.6364
Previous Monthly High	0.6895
Previous Monthly Low	0.6599
Daily Fibonacci 38.2%	0.6455
Daily Fibonacci 61.8%	0.6438
Daily Pivot Point S1	0.6434
Daily Pivot Point S2	0.6387
Daily Pivot Point S3	0.6363
Daily Pivot Point R1	0.6505
Daily Pivot Point R2	0.6528
Daily Pivot Point R3	0.6575

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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