AUD/USD Technical Analysis: Consolidates before the next leg of up-move towards 200-day SMA

Haresh Menghani FXStreet

• The pair has been oscillating within a 40-pips broader trading range, below the 0.7400 handle, over the past 24-hours or so, forming a rectangle on short-term charts.

• Given the US-China trade truce-led bullish breakthrough the 0.7340-45 resistance zone, the rectangular formation might now be categorized as a consolidation phase.

• Technical indicators on hourly/daily charts have been holding comfortably in the bullish territory and support prospects for an extension of the near-term positive momentum.

• Hence, a follow-through up-move, even beyond the 0.7400 handle and towards challenging the very important 200-day SMA, remains a distinct possibility.

AUD/USD 4-hourly chart

AUD/USD

Overview:
    Today Last Price: 0.7385
    Today Daily change: 32 pips
    Today Daily change %: 0.435%
    Today Daily Open: 0.7353
Trends:
    Previous Daily SMA20: 0.7262
    Previous Daily SMA50: 0.7183
    Previous Daily SMA100: 0.7242
    Previous Daily SMA200: 0.7421
Levels:
    Previous Daily High: 0.7394
    Previous Daily Low: 0.7318
    Previous Weekly High: 0.7345
    Previous Weekly Low: 0.7199
    Previous Monthly High: 0.7345
    Previous Monthly Low: 0.7072
    Previous Daily Fibonacci 38.2%: 0.7347
    Previous Daily Fibonacci 61.8%: 0.7365
    Previous Daily Pivot Point S1: 0.7316
    Previous Daily Pivot Point S2: 0.7279
    Previous Daily Pivot Point S3: 0.724
    Previous Daily Pivot Point R1: 0.7392
    Previous Daily Pivot Point R2: 0.7431
    Previous Daily Pivot Point R3: 0.7468

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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