AUD/USD Price Analysis: Stays firmer past 0.6300 inside bullish channel

AUD/USD renews intraday high while reversing the pullback from two-week top.
Firmer MACD, RSI joins a sustained bounce off 200-HMA to favor bulls.
Sellers need validation from 0.6250 to retake control.

Anil Panchal FXStreet

AUD/USD picks up bids to refresh intraday high near 0.6330 during Tuesday’s Asian session. In doing so, the Aussie pair extends the previous day’s bounce off the 200-HMA while staying firmer inside a weekly bullish channel.

That said, the AUD/USD pair’s latest run-up aims for the 50% Fibonacci retracement level of October 04-13 downside, near 0.6360.

However, a convergence of the stated channel’s upper line and the 61.8% Fibonacci retracement, also known as the golden ratio, around 0.6410, appears a tough nut to crack for the pair buyers.

Should the quote rises past 0.6410, the 0.6500 round figure may act as a buffer during the anticipated run-up toward the monthly high of 0.6547.

Alternatively, pullback moves need to conquer the 200-HMA support of 0.6288 to convince intraday sellers of the AUD/USD.

Even so, the aforementioned bullish channel can challenge the bears unless the quote stays beyond 0.6250.

Following that, the yearly low of 0.6170 and the April 2020 bottom around 0.5980 will gain the market’s attention.

Overall, AUD/USD remains on the buyer’s radar unless breaking 0.6250. However, the upside room appears limited.

AUD/USD: Hourly chart

Trend: Further upside expected

AUD/USD

Overview
Today last price	0.6329
Today Daily Change	-0.0049
Today Daily Change %	-0.77
Today daily open	0.6378

Trends
Daily SMA20	0.6373
Daily SMA50	0.6639
Daily SMA100	0.6789
Daily SMA200	0.701

Levels
Previous Daily High	0.6393
Previous Daily Low	0.621
Previous Weekly High	0.6393
Previous Weekly Low	0.6197
Previous Monthly High	0.6916
Previous Monthly Low	0.6363
Daily Fibonacci 38.2%	0.6323
Daily Fibonacci 61.8%	0.628
Daily Pivot Point S1	0.6261
Daily Pivot Point S2	0.6144
Daily Pivot Point S3	0.6078
Daily Pivot Point R1	0.6444
Daily Pivot Point R2	0.651
Daily Pivot Point R3	0.6627

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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