- AUD/USD recedes from intraday high while teasing a bullish chart formation.
- 200-bar SMA adds to the upside barrier, 0.7065/60 can offer strong downside support.
- RBA is expected to stand pat while citing coronavirus (COVID-19) worries.
AUD/USD eases to 0.7123 while stepping back from day’s top during the early Tuesday. In doing so, the pair seesaws around the neckline of a short-term head-and-shoulders bullish pattern ahead of the key RBA monetary policy meeting.
Considering the pair’s failure to stay positive beyond 0.7200, coupled with anticipated dovish halt by the RBA, the quote may refrain from confirming the mentioned chart formation.
Even if 0.7100 is likely immediate support for the pair traders to watch, sellers should remain cautious unless the quote slips below 0.7065/60 support-zone, comprising June 10 high and July 24 low.
Alternatively, a sustained rise past-0.7125 will have to cross 200-bar SMA level of 0.7156 to challenge the July month’s top, also the highest since early-2019, near 0.7230.
AUD/USD 30-minutes chart
Trend: Pullback expected
Additional important levels
|Today last price||0.7127|
|Today Daily Change||4 pips|
|Today Daily Change %||0.06%|
|Today daily open||0.7123|
|Previous Daily High||0.715|
|Previous Daily Low||0.7076|
|Previous Weekly High||0.7228|
|Previous Weekly Low||0.7087|
|Previous Monthly High||0.7228|
|Previous Monthly Low||0.6876|
|Daily Fibonacci 38.2%||0.7104|
|Daily Fibonacci 61.8%||0.7122|
|Daily Pivot Point S1||0.7082|
|Daily Pivot Point S2||0.7042|
|Daily Pivot Point S3||0.7008|
|Daily Pivot Point R1||0.7157|
|Daily Pivot Point R2||0.7191|
|Daily Pivot Point R3||0.7231|
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