AUD/USD Technical Analysis: Bulls trying to seize control amid renewed trade optimism


  • AUD/USD reverses an early dip to 100-DMA amid renewed trade optimism.
  • The set-up favours bullish traders and supports prospects for additional gains.

The AUD/USD pair managed to find decent support near 100-day SMA and has now recovered its early lost ground, led by softer Aussie GDP growth figures. The said support nears the 38.2% Fibonacci level of the 0.6930-0.6754 recent downfall and should now act as a key pivotal point for short-term traders.

Currently hovering around mid-0.6800s, the pair has now moved back within the striking distance of multi-week tops set in the previous session amid renewed trade optimism. This coupled with some USD weakness, weighed down by dismal ADP report, further contributed to the pair's intraday bounce of around 30 pips.

Meanwhile, technical indicators on 4-hourly/daily charts maintained their bullish bias and have again started gaining positive traction on the 1-hourly chart. Against the backdrop of the recent rally, the technical set-up remains in favour of bulls and support prospects for a further near-term appreciating move.

However, traders are likely to wait for a sustained move beyond the overnight swing high resistance near the 0.6860-65 region, coinciding with 61.8% Fibo. level before placing any fresh bullish bets. Above the mentioned barrier, the pair is likely to accelerate the positive move further towards reclaiming the 0.6900 round-figure mark.

On the flip side, the mentioned confluence support, around the 0.6815-10 region might continue to protect the immediate downside, which if broken might negate the constructive set-up. The pair then might turn vulnerable to slide below the 0.6800 handle (23.6% Fibo.) and head towards last week's swing low, around the 0.6760 region.

AUD/USD daily chart

fxsoriginal

AUD/USD

Overview
Today last price 0.6846
Today Daily Change 0.0002
Today Daily Change % 0.03
Today daily open 0.6844
 
Trends
Daily SMA20 0.6816
Daily SMA50 0.6807
Daily SMA100 0.6818
Daily SMA200 0.6919
 
Levels
Previous Daily High 0.6863
Previous Daily Low 0.6814
Previous Weekly High 0.68
Previous Weekly Low 0.6754
Previous Monthly High 0.6929
Previous Monthly Low 0.6754
Daily Fibonacci 38.2% 0.6844
Daily Fibonacci 61.8% 0.6833
Daily Pivot Point S1 0.6818
Daily Pivot Point S2 0.6791
Daily Pivot Point S3 0.6769
Daily Pivot Point R1 0.6867
Daily Pivot Point R2 0.6889
Daily Pivot Point R3 0.6916

 

 

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