AUD/USD Price Analysis: The price is struggling ahead of the 0.70 psychological level


  • AUD/USD is trading 0.50% higher on Monday with only the EUR performing better from the G6.
  • The market has hit some resistance at the 0.6981 level.

AUD/USD 4-hour chart

AUD/USD is performing very well on Monday as the global risk appetite for equities improved. Whenever stocks are performing well the AUD seems to rise too and overnight the commitment from the Chinese government to the economy would have helped the AUD to catch a bid.

Looking at the chart, the pair seems to be struggling at the blue resistance line at 0.6975. Just as it looked like the pair was about to test the psychological 0.70 area it stopped just short. Beyond that, the next resistance is at the high on the chart of 0.7064. 

On the downside, if the price does decide to move lower, the top or apex of the pattern the pair burst out of could be tested again. This could take the price back to around 0.69 and the area has been pretty sticky in the past.

Looking at the indicators, the Relative Strength Index has just pulled away from the overbought zone. This could mean the price was overstretched and due a pullback before rising again. The MACD is looking very bullish at the moment with the signal lines above the mid-point and the histogram in the green. 

AUD/USD resistance zone

Additional levels

AUD/USD

Overview
Today last price 0.6978
Today Daily Change 0.0036
Today Daily Change % 0.52
Today daily open 0.6942
 
Trends
Daily SMA20 0.6904
Daily SMA50 0.671
Daily SMA100 0.6512
Daily SMA200 0.6671
 
Levels
Previous Daily High 0.6949
Previous Daily Low 0.6912
Previous Weekly High 0.6953
Previous Weekly Low 0.6832
Previous Monthly High 0.7065
Previous Monthly Low 0.6648
Daily Fibonacci 38.2% 0.6935
Daily Fibonacci 61.8% 0.6926
Daily Pivot Point S1 0.692
Daily Pivot Point S2 0.6898
Daily Pivot Point S3 0.6884
Daily Pivot Point R1 0.6956
Daily Pivot Point R2 0.6971
Daily Pivot Point R3 0.6993

 

 

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