AUD/USD Technical Analysis: 100-hour SMA holds the key for bullish traders

Haresh Menghani FXStreet

• Over the past week or so, the pair has been finding decent support near 100-hour SMA, albeit the positive momentum has repeatedly failed near a short-term ascending trend-line resistance.

• Technical indicators on the 1-hourly chart have started drifting into negative territory, suggesting that the recent recovery move from 32-month lows might have already started losing steam.

• However, it would be prudent to wait for a convincing break below the mentioned support to confirm the near-term bearish outlook and the resumption of the prior depreciating trend.

• Alternatively, a sustained move beyond mid-0.7100s, leading to a subsequent break through the trend-line resistance should pave the way for an extension of the recent corrective bounce.

AUD/USD 1-hourly chart

AUD/USD

Overview:
    Last Price: 0.7124
    Daily change: 15 pips
    Daily change: 0.211%
    Daily Open: 0.7109
Trends:
    Daily SMA20: 0.7164
    Daily SMA50: 0.7213
    Daily SMA100: 0.7329
    Daily SMA200: 0.7542
Levels:
    Daily High: 0.7161
    Daily Low: 0.7106
    Weekly High: 0.7141
    Weekly Low: 0.7041
    Monthly High: 0.7316
    Monthly Low: 0.7085
    Daily Fibonacci 38.2%: 0.7127
    Daily Fibonacci 61.8%: 0.714
    Daily Pivot Point S1: 0.709
    Daily Pivot Point S2: 0.7071
    Daily Pivot Point S3: 0.7035
    Daily Pivot Point R1: 0.7145
    Daily Pivot Point R2: 0.718
    Daily Pivot Point R3: 0.7199

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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