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AUD/USD Price Analysis: Retreats from 3-week old downward sloping trend-line resistance

  • AUD/USD struggled to build on the recent positive move to one-week tops.
  • The technical set-up warrants some caution before placing aggressive bets.

Having failed to capitalize on the previous session's goodish positive move to one-week tops, the AUD/USD pair witnessed a modest pullback during the early European session on Thursday.

The pair started retreating from a resistance marked by a descending trend-line, extending from mid-January swing highs, which should now act as a key pivotal point for short-term traders.

Given the overnight sustained move above 200-hour SMA, for the first time since January 17, the technical set-up seems tilted in favour of bulls and support prospects for additional gains.

On the other hand, oscillators on the daily chart maintained their bearish bias and have again started drifting into the negative territory on the 1-hourly chart, favouring bearish traders.

Diverging technical factors warrant some caution before placing any aggressive bets for the pair's next leg of a directional move ahead of Friday's release of the closely watched NFP report.

AUD/USD 1-hourly chart

fxsoriginal

AUD/USD

Overview
Today last price0.674
Today Daily Change-0.0005
Today Daily Change %-0.07
Today daily open0.6745
 
Trends
Daily SMA200.6817
Daily SMA500.6862
Daily SMA1000.6834
Daily SMA2000.6866
 
Levels
Previous Daily High0.6775
Previous Daily Low0.6723
Previous Weekly High0.6829
Previous Weekly Low0.6682
Previous Monthly High0.704
Previous Monthly Low0.6682
Daily Fibonacci 38.2%0.6755
Daily Fibonacci 61.8%0.6743
Daily Pivot Point S10.672
Daily Pivot Point S20.6696
Daily Pivot Point S30.6668
Daily Pivot Point R10.6772
Daily Pivot Point R20.68
Daily Pivot Point R30.6824

Author

Haresh Menghani

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

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