AUD/USD technical analysis: Bulls take a brief pause near 50% Fibo. level, around 0.6880 region


  • The pair continued gaining traction on Monday and climbed to over one-month tops.
  • The momentum lifted the pair further beyond 100-DMA for the first time since July 23.
  • Overbought conditions on hourly charts seemed to be the only factor capping gains.

The AUD/USD pair gained some follow-through traction on Monday and added to its recent goodish recovery move from multi-year lows set earlier this month. The positive momentum beyond 100-day SMA – for the first time since July 23 – lifted the pair to over one-month tops.
 
The pair now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading band around the 0.6880-90 previous congestion zone, which coincides with 50% Fibonacci level of the 0.7082-0.6671 downfall and should now act as a key pivotal point.
 
Meanwhile, bullish technical indicators on the daily chart support prospects for additional gains, albeit slightly overbought conditions on hourly charts seemed to be the only factor holding investors from placing fresh bullish bets and capping further gains, at least for the time being.
 
Hence, it will be prudent to wait for a strong follow-through buying beyond the 0.6900 handle before traders start positioning for any further near-term appreciating move towards testing the next hurdle marked by 61.8% Fibo. level resistance – around the 0.6925 region.
 
On the flip side, 100-DMA resistance breakpoint, around the 0.6860 region, now seems to protect the immediate downside and is closely followed by 38.2% Fibo. support near the 0.6830-25 area, which if broken might negate the constructive set-up and prompt some fresh technical selling.

AUD/USD daily chart

fxsoriginal

AUD/USD

Overview
Today last price 0.6878
Today Daily Change 0.0024
Today Daily Change % 0.35
Today daily open 0.6854
 
Trends
Daily SMA20 0.676
Daily SMA50 0.678
Daily SMA100 0.6859
Daily SMA200 0.697
 
Levels
Previous Daily High 0.6858
Previous Daily Low 0.682
Previous Weekly High 0.6858
Previous Weekly Low 0.672
Previous Monthly High 0.6895
Previous Monthly Low 0.6687
Daily Fibonacci 38.2% 0.6843
Daily Fibonacci 61.8% 0.6835
Daily Pivot Point S1 0.683
Daily Pivot Point S2 0.6806
Daily Pivot Point S3 0.6792
Daily Pivot Point R1 0.6868
Daily Pivot Point R2 0.6882
Daily Pivot Point R3 0.6906

 

 

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