- Aussie bulls to test the two-year low at 0.6360.
- A bear cross, represented by the 20-and 50-EMAs adds to the downside filters.
- The antipodean has failed to capitalize on the recent DXY's correction.
The AUD/USD pair has rebounded sharply in the Tokyo session after dropping below 0.6400. The rebound move is still a pullback after a healthy decline and should not be considered a reversal for now. Last week, the aussie bulls found a cap at around 0.6530, the level is expected to remain a key hurdle if the asset extends its recovery.
On an hourly scale, the aussie bulls are expected to re-test their two-year low placed at 0.6363, recorded on Wednesday. Traders should be aware of the fact that a recent corrective action in the US dollar index (DXY) is not enjoyed by the commodity-linked currencies while the shared continent and pound region have performed extremely better. Therefore, a pullback move in the DXY will result in a plunge in the antipodean.
The 20-and 50-period Exponential Moving Averages (EMAs) have delivered a bear cross around 0.6480, which indicates more weakness ahead.
Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in a bearish range of 20.00-40.00 but is trying to overstep 40.00.
A drop below the two-year low at 0.6363 will drag the asset towards the 16 April 2020 low at 0.6264, followed by the round-level support at 0.6100.
On the flip side, a break above the previous week’s high at 0.6538 will drive the asset towards and September 22 high at 0.6670 and September 18 high at 0.6734.
AUD/USD hourly chart
|Today last price||0.642|
|Today Daily Change||0.0018|
|Today Daily Change %||0.28|
|Today daily open||0.6402|
|Previous Daily High||0.6524|
|Previous Daily Low||0.6392|
|Previous Weekly High||0.6538|
|Previous Weekly Low||0.6363|
|Previous Monthly High||0.6916|
|Previous Monthly Low||0.6363|
|Daily Fibonacci 38.2%||0.6442|
|Daily Fibonacci 61.8%||0.6473|
|Daily Pivot Point S1||0.6355|
|Daily Pivot Point S2||0.6307|
|Daily Pivot Point S3||0.6222|
|Daily Pivot Point R1||0.6487|
|Daily Pivot Point R2||0.6572|
|Daily Pivot Point R3||0.6619|
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