AUD/USD Technical Analysis: Finds acceptance above 50-hour SMA, US retail sales data eyed for fresh impetus

Haresh Menghani FXStreet

• The pair struggled to build on Friday's disappointing headline NFP-led goodish bounce from the key 0.70 psychological mark, or over two-month lows and remained capped near mid-0.7000s.

• Meanwhile, the uptick from a two-month-old descending trend-line seems to have found acceptance above 50-hour SMA, which has been acting as a key barrier over the past 1-1/2 week or so.

• Technical indicators on the 1-hourly chart have moved into the positive territory and add credence to the constructive set-up, though bearish oscillators on 4-hourly/daily charts warrant caution.

• Hence, it would be prudent to wait for a strong follow-through buying before confirming that the pair has already bottomed out in the near-term or positioning for any further appreciating move.

AUD/USD 1-hourly chart

AUD/USD

Overview:
    Today Last Price: 0.7044
    Today Daily change %: 0.00%
    Today Daily Open: 0.7044
Trends:
    Daily SMA20: 0.7106
    Daily SMA50: 0.7133
    Daily SMA100: 0.7161
    Daily SMA200: 0.724
Levels:
    Previous Daily High: 0.7053
    Previous Daily Low: 0.7002
    Previous Weekly High: 0.7118
    Previous Weekly Low: 0.7002
    Previous Monthly High: 0.7285
    Previous Monthly Low: 0.7053
    Daily Fibonacci 38.2%: 0.7034
    Daily Fibonacci 61.8%: 0.7021
    Daily Pivot Point S1: 0.7013
    Daily Pivot Point S2: 0.6982
    Daily Pivot Point S3: 0.6962
    Daily Pivot Point R1: 0.7064
    Daily Pivot Point R2: 0.7084
    Daily Pivot Point R3: 0.7115

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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