AUD/USD technical analysis: Drops to 1-week old support-line of symmetrical triangle


  • AUD/USD revisits Tuesday’s low but short-term trend-line support can limit further declines.
  • Symmetrical triangle portrays pair’s range-bound trading between 0.6765 and 0.6800.

Even after declining to two-day lows, the AUD/USD pair remains supported by an immediate symmetrical triangle as it trades near .6768 during early Thursday.

A week-old symmetrical triangle formation presently restricts the pair’s moves between 0.6765 and 0.6800. As a result, pair’s latest declines is likely to witness a pullback towards 50% Fibonacci retracement level of July 31 to August 07 declines, at 0.6789. However, the pair’s additional rise will be questioned by the triangle resistance of 0.6800.

In a case prices rally beyond 0.6800, 0.6820 and 0.6870 can quickly appear on the chart ahead of fueling the run-up towards July-end top of 0.6900.

Meanwhile, pair’s decline below 0.6765 support-line will extend the pair’s latest drop in the direction to last week’s low of 0.6736 whereas 0.6695 and 0.6677 can please bears afterward.

AUD/USD 4-hour chart

Trend: Sideways

    1. R3 0.6825 
    2. R2 0.6812 
    3. R1 0.6797 
  1. PP 0.6784 
    1. S1 0.6769
    2. S2  0.6756
    3. S3  0.6741

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD hovers around the 34-months lows amid growth concerns

EUR/USD is trading below 1.0850, just above the lowest since April 2017. Concerns about eurozone growth are weighing on the common currency. Markets are watching coronavirus developments. 

EUR/USD News

GBP/USD shrugs off Brexit concerns and holds its ground

GBP/USD is trading around 1.3050, little-changed. The French foreign minister warned of acrimonious Brexit talks as the UK's chief negotiator is laying down a tough stance. 

GBP/USD News

Forex Today: Coronavirus fears persist, Japanese economy squeezes, cryptos climb down

China has announced it will stimulate the economy in the face of the coronavirus outbreak, including lower corporate taxes and increased spending. While most factories have returned to work, Beijing has tightened restrictions on movements in the Hubei province.

Read more

Gold slips below $1580 level amid improving risk sentiment

Gold retreats from two-week tops amid receding demand for traditional safe-haven assets. The precious metal failed to capitalize on its recent positive move to near two-week tops and edged lower during the early European session on Monday amid fading safe-haven demand.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures