AUD/USD technical analysis: Bulls gearing up for a move beyond 0.70 handle

The AUD/USD pair climbed to fresh two-week tops on Wednesday and already seems to have found acceptance above 50-day SMA for the first time since April.
The mentioned hurdle coincided with 38.2% Fibo. level of the 0.7207-0.6831 recent downfall and might now be seen as a key pivotal point for short-term traders.

Haresh Menghani FXStreet

With technical indicators on the daily chart just starting to gain positive momentum, bulls are likely to aim towards challenging near two-month-old descending trend-line resistance near the key 0.70 psychological mark.

A sustained break through the said handle would signal a near-term bullish breakout and accelerate the upward trajectory towards monthly swing highs, around the 0.7020-25 region – also marking 50% Fibo. resistance level.

A follow-through buying should now set the stage for a further near-term appreciating move towards testing its next major barrier near the 0.7060-65 region or 61.8% Fibo. level en-route the 0.7100 round figure mark.

On the flip side, the 0.6960-50 region now seems to protect the immediate downside, which if broken might prompt some additional weakness further towards the 0.6900 handle with some intermediate support near the 0.6920 level (23.6% Fibo. level).

AUD/USD daily chart

AUD/USD

Overview
Today last price	0.698
Today Daily Change	0.0020
Today Daily Change %	0.29
Today daily open	0.696

Trends
Daily SMA20	0.6935
Daily SMA50	0.697
Daily SMA100	0.7039
Daily SMA200	0.7106

Levels
Previous Daily High	0.6979
Previous Daily Low	0.6942
Previous Weekly High	0.6938
Previous Weekly Low	0.6831
Previous Monthly High	0.7062
Previous Monthly Low	0.6862
Daily Fibonacci 38.2%	0.6956
Daily Fibonacci 61.8%	0.6965
Daily Pivot Point S1	0.6942
Daily Pivot Point S2	0.6923
Daily Pivot Point S3	0.6904
Daily Pivot Point R1	0.6979
Daily Pivot Point R2	0.6998
Daily Pivot Point R3	0.7017

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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