AUD/USD technical analysis: Bulls challenge 0.6925-30 supply zone, 61.8% Fibo. level


  • 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

fxsoriginal

AUD/USD

Overview
Today last price 0.6918
Today Daily Change 0.0035
Today Daily Change % 0.51
Today daily open 0.6883
 
Trends
Daily SMA20 0.6824
Daily SMA50 0.6801
Daily SMA100 0.685
Daily SMA200 0.6954
 
Levels
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

 

 

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