AUD/USD Technical Analysis: Bulls await a sustained move beyond 0.7130 horizontal resistance

Haresh Menghani FXStreet

• The pair struggled to build on overnight strong up-move and once again met with some supply near the 0.7130 region, albeit the retracement slide remained limited.

• The fact that the pair has found acceptance above 200-hour SMA support prospects for an extension of the near-term recovery move from 32-month lows.

• Positive technical indicators on the mentioned chart further add credence to the constructive outlook and possibilities of a near-term bullish breakout.

• However, it would be prudent to wait for a convincing breakthrough the 0.7130 resistance before traders start positioning for any further appreciating move.

AUD/USD 1-hourly chart

AUD/USD

Overview:
    Last Price: 0.7121
    Daily change: -3.0 pips
    Daily change: -0.0421%
    Daily Open: 0.7124
Trends:
    Daily SMA20: 0.718
    Daily SMA50: 0.7236
    Daily SMA100: 0.7345
    Daily SMA200: 0.7557
Levels:
    Daily High: 0.7131
    Daily Low: 0.7046
    Weekly High: 0.724
    Weekly Low: 0.7042
    Monthly High: 0.7316
    Monthly Low: 0.7042
    Daily Fibonacci 38.2%: 0.7098
    Daily Fibonacci 61.8%: 0.7078
    Daily Pivot Point S1: 0.7069
    Daily Pivot Point S2: 0.7015
    Daily Pivot Point S3: 0.6984
    Daily Pivot Point R1: 0.7155
    Daily Pivot Point R2: 0.7186
    Daily Pivot Point R3: 0.724

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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