AUD/USD technical analysis: Bulls now eyeing a move beyond 50-day SMA, towards 0.70 handle

The AUD/USD pair built on last week's goodish bounce from multi-month lows and continued gaining positive traction for the fifth consecutive session on Monday.
The pair now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow band around the 61.8% Fibo. level of the 0.7022-0.6831 recent slide.

Haresh Menghani FXStreet

Any subsequent up-move is likely to confront immediate resistance near 50-day SMA, around the 0.6975, above which if cleared would support prospects for an extension of the near-term appreciating move.

Meanwhile, technical indicators on hourly/daily charts maintained their bullish bias and further reinforce the constructive set-up, though bulls are likely to wait for a sustained move beyond the mentioned barrier.

The positive momentum might then lift the pair beyond the key 0.70 psychological mark towards testing monthly swing highs, around the 0.7020-25 region, en-route the next major hurdle near the 0.7060 supply zone.

On the flip side, 50% Fibo. level, around the 0.6925 region now seems to protect the immediate downside, below which the pair could slide back towards the 0.6900 round figure mark ahead of 23.6% Fibo. support near the 0.6875 region.

AUD/USD daily chart

AUD/USD

Overview
Today last price	0.6956
Today Daily Change	0.0030
Today Daily Change %	0.43
Today daily open	0.6926

Trends
Daily SMA20	0.6931
Daily SMA50	0.6979
Daily SMA100	0.7044
Daily SMA200	0.7109

Levels
Previous Daily High	0.6938
Previous Daily Low	0.6903
Previous Weekly High	0.6938
Previous Weekly Low	0.6831
Previous Monthly High	0.7062
Previous Monthly Low	0.6862
Daily Fibonacci 38.2%	0.6925
Daily Fibonacci 61.8%	0.6916
Daily Pivot Point S1	0.6907
Daily Pivot Point S2	0.6887
Daily Pivot Point S3	0.6871
Daily Pivot Point R1	0.6942
Daily Pivot Point R2	0.6958
Daily Pivot Point R3	0.6977

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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