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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD remains stuck in a narrowing price range after Fed

EUR/USD's struggle for strong directional bias continues after hawkish Federal Reserve (Fed) rate cut. The risks in EUR/USD looks skewed to the downside ahead of Eurozone data and ECB-speak.


GBP/USD remains below 100-day SMA on "Super Thursday"

With the mixed Brexit headlines and the US Dollar pullback playing contrasting tunes, the GBP/USD pair remains under 100-day SMA while heading into the London open. All eyes on UK Retail Sales, BOE decision.


USD/JPY keeps losses below 108.00 as BOJ disappoints the doves

USD/JPY keeps the losses below 108.00, as the Japanese Yen remains on the front foot in reaction to the Bank of Japan's (BOJ) status-quo that came in as a disappointment for the doves. 


Gold: Indecisive market, focus on today's close

Gold is currently trading at $1,480 per Oz, representing 0.21% drop on the day. On Wednesday, the yellow metal witnessed two-way business before ending the day with moderate losses at $1,494.

Gold News

Bitcoin dives below $10,000

Bitcoin has lost its cool towards the end of the Asian session on Thursday. After managing to defend $10,000 over the last few days, the granddaddy of cryptos has plunged below several other support areas including $9,900 and $9,800. 

Read more