- The uptick remained well supported by renewed US-China trade optimism.
- Sustained move beyond 200-DMA needed to confirm near-term bullish bias.
The AUD/USD pair continued gaining some positive traction through the mid-European session on Tuesday and is currently challenging the upper bound of its recent trading range, around the 0.6925-30 region.
The mentioned region coincides with the 61.8% Fibonacci level of the 0.7082-0.6671 downfall and is closely followed by the very important 200-day SMA, which should now act as a key pivotal point for short-term traders.
Above the mentioned barrier, currently near the 0.6945 region, a fresh bout of short-covering has the potential to lift the pair further towards reclaiming the 0.70 psychological mark en-route the 0.7030-35 supply zone.
On the flip side, rejection from the current resistance zone might now find some support near the 0.6900 handle and is closely followed by 50% Fibo. level, which if broken might negate any near-term bullish bias.
Sustained weakness below the said support, around the 0.6880-75 region, might turn the pair vulnerable to accelerate the slide towards the 0.6820 region – nearing 38.2% Fibo. level – ahead of the 0.6800 handle.
The downward trajectory could further get extended towards testing 23.6% Fibo. level support, around the 0.6770-65 region, before the pair eventually heads towards challenging the 0.6700 round-figure mark.
AUD/USD daily chart
|Today last price||0.6918|
|Today Daily Change||0.0035|
|Today Daily Change %||0.51|
|Today daily open||0.6883|
|Previous Daily High||0.6926|
|Previous Daily Low||0.6876|
|Previous Weekly High||0.693|
|Previous Weekly Low||0.681|
|Previous Monthly High||0.693|
|Previous Monthly Low||0.667|
|Daily Fibonacci 38.2%||0.6895|
|Daily Fibonacci 61.8%||0.6907|
|Daily Pivot Point S1||0.6864|
|Daily Pivot Point S2||0.6845|
|Daily Pivot Point S3||0.6814|
|Daily Pivot Point R1||0.6914|
|Daily Pivot Point R2||0.6945|
|Daily Pivot Point R3||0.6964|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.