AUD/USD Technical Analysis: Correcting from ascending trend-channel resistance, downside seems limited

Haresh Menghani FXStreet

• Having touched a two-week high level of 0.7177, the pair started retreating from a resistance marked by the top end of a short-term ascending trend-channel formation.

• The intraday slide extended through the early European trading session and has now eroded a part of the previous session strong bounce from 200-hour SMA support.

• Slightly overbought conditions on the 1-hourly chart seemed to be the only factor prompting some profit-taking ahead of today’s release of the latest FOMC meeting minutes.

• However, given that the pair is holding comfortably above its important intraday moving averages – 50, 100 & 200-hour SMAs, support prospects for some dip-buying interest.

• Hence, it would be prudent to wait for a convincing break below the trend-channel support before confirming that the recent corrective bounce has already run out of steam.

AUD/USD 1-hourly chart

AUD/USD

Overview:
    Today Last Price: 0.7158
    Today Daily change %: -0.13%
    Today Daily Open: 0.7167
Trends:
    Daily SMA20: 0.7153
    Daily SMA50: 0.7136
    Daily SMA100: 0.716
    Daily SMA200: 0.7269
Levels:
    Previous Daily High: 0.7175
    Previous Daily Low: 0.7103
    Previous Weekly High: 0.7149
    Previous Weekly Low: 0.7053
    Previous Monthly High: 0.7296
    Previous Monthly Low: 0.6684
    Daily Fibonacci 38.2%: 0.7147
    Daily Fibonacci 61.8%: 0.7131
    Daily Pivot Point S1: 0.7122
    Daily Pivot Point S2: 0.7076
    Daily Pivot Point S3: 0.705
    Daily Pivot Point R1: 0.7194
    Daily Pivot Point R2: 0.722
    Daily Pivot Point R3: 0.7266

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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