AUD/USD Price Analysis: Retreats from over 1-week tops, back below 0.60 mark


  • AUD/USD built on the recent recovery move and climbed further beyond the 0.60 mark.
  • The set-up still seems tilted in favour of bulls and supports prospects for additional gains.

The AUD/USD pair trimmed a part of its early strong gains and retreated around 60-70 pips from over one-week tops set earlier this Wednesday.

Given the pair's sustained move beyond the 0.5975-85 supply zone, the bias remains tilted in favour of bulls and support prospects for additional gains.

The mentioned region coincided with 23.6% Fibonacci level of the 0.6686-0.5509 slump and is followed by a short-term ascending trend-line support.

Failure to defend the said support levels will suggest that the recent recovery from over 17-year lows has already run out the steam and negate the bullish set-up.

Meanwhile, technical indicators on hourly charts – though have eased from higher levels – maintained their bullish bias and add credence to a positive outlook.

However, oscillators on the daily chart have just recovered from the oversold territory and are yet to catch up with the recent bounce from the 0.5500 mark.

Hence, it will be prudent to wait for some follow-through buying, beyond the daily swing high level of 0.6074 before positioning for any further appreciating move.

AUD/USD 1-hourly chart

fxsoriginal

Technical levels to watch

AUD/USD

Overview
Today last price 0.5982
Today Daily Change 0.0024
Today Daily Change % 0.40
Today daily open 0.5958
 
Trends
Daily SMA20 0.6294
Daily SMA50 0.6563
Daily SMA100 0.6716
Daily SMA200 0.6783
 
Levels
Previous Daily High 0.5976
Previous Daily Low 0.5806
Previous Weekly High 0.6307
Previous Weekly Low 0.5509
Previous Monthly High 0.6775
Previous Monthly Low 0.6434
Daily Fibonacci 38.2% 0.5911
Daily Fibonacci 61.8% 0.5871
Daily Pivot Point S1 0.585
Daily Pivot Point S2 0.5743
Daily Pivot Point S3 0.568
Daily Pivot Point R1 0.602
Daily Pivot Point R2 0.6083
Daily Pivot Point R3 0.619

 

 

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