AUD/USD stuck around 50-DMA, unmoved at 0.7550 after US data

Haresh Menghani FXStreet

Having posted a session low at 0.7525 and a subsequent recovery to mid-0.7550, the AUD/USD remained confined in a narrow trading band just below 50-day SMA support break turned immediate resistance.

Currently trading around 0.7550 region, the pair was unmoved after Monday's release of Core PCE Price index, Personal Income and Spending data from the US as market participants now look forward to Friday's NFP data in order to gauge the possibilities of an eventual Fed rate-hike action in September.

In the meantime, Tuesday's release of building approval data from Australia could provide some immediate trading opportunity for short-term traders.

GMT	Event	Vol.	Actual	Consensus	Previous
Tuesday, Aug 30
01:30	AUD Building Permits (YoY)				-5.9%

How strong has the move been?

The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish. Currently RSI is at 51.64, up from the last hourly print at 35.82, with ADX at 25.29, down from its previous close at 26.45.

Daily RSI sits at 44.64, in neutral territory. Looking to momentum indicators, the hourly 200 SMA is currently at 0.7602, down from the last close at 0.7629 and declining. Over the past 20 days, the exponential average closing price is 0.7617, and ranging.

What price levels and patterns have to be considered?

Next resistance can be seen at 0.7561 (Daily Open), 0.7562 (Weekly Low), 0.7563 (Daily High) and 0.7567 (Hourly 20 EMA). Support below can be found at 0.7538 (Monthly Low), 0.7525 (Daily Low), 0.7511 (Daily Classic S1), 0.7511 (Weekly Classic S1) and 0.7501 (Daily 100 SMA).

Regarding candlestick formations, we can see Piercing Line formation on the 4-hour.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 0.7688

60% Bullish
20% Bearish
20% Sideways

Bias Bullish

1 Month

Avg Forecast 0.7625

18% Bullish
55% Bearish
27% Sideways

Bias Bearish

1 Quarter

Avg Forecast 0.7378

8% Bullish
85% Bearish
8% Sideways

Bias Bearish

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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