AUD/USD technical analysis: Corrective slide finds some support near 38.2% Fibo., ahead of 0.70 handle
- The AUD/USD pair traded with a negative bias for the third consecutive session on Tuesday and retreated farther from near three-month tops set on Friday.
- The intraday slide managed to find some support near the 0.7020-15 region - a support marked by 38.2% Fibo. level of the 0.6910-0.7082 recent positive move.
The mentioned region also nears 100-hour SMA and should now act as a key pivotal point for short-term traders, which if broken is likely to accelerate the slide and drag the pair even below the key 0.70 psychological mark towards 61.8% Fibo. near the 0.6975 region.
Meanwhile, technical indicators on hourly charts have been negative traction and support prospects for further depreciating move, albeit oscillators on the daily chart maintained their bullish bias and thus, warrant some caution before placing any aggressive bets.
On the upside, immediate resistance is now pegged near the 0.7040 region (23.6% Fibo. level), above with the pair is likely to make a fresh attempted towards challenging the very important 200-day SMA barrier, just ahead of the 0.7100 round figure mark.
A convincing breakthrough the mentioned hurdle will set the stage for an extension of the near-term bullish momentum and lift the pair further towards the 0.7145 intermediate resistance en-route the next major resistance near the 0.7195-0.7200 supply zone.
AUD/USD 1-hourly chart
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Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
