AUD/USD technical analysis: Holds above 100-hour SMA/symmetrical triangle confluence support


  • The AUD/USD pair extended its sideways consolidative price action on Monday and remained well within a narrow trading band below the 0.6800 handle.
  • The range-bound move over the past couple of trading sessions has been along two converging trend-lines, forming a symmetrical triangle on the 1-hourly chart. 
  • The lower end of the triangle coincides with 100-hour SMA – currently near the 0.6775 region – which should now act as a key pivotal point for intraday traders.

Given that technical indicators on hourly charts have struggled to gain any meaningful traction, it will be prudent to wait for a convincing break through the triangle resistance and the 0.6800 round figure mark before positioning for any further near-term recovery.
 
Meanwhile, oscillators on the daily chart maintained their bearish bias and hence, any further recovery runs the risk of fizzling out rather quickly. The pair seems more likely to meet with some aggressive supply and remained capped near the 0.6820 horizontal zone.
 
Only a sustained breakthrough the mentioned barrier might negate any near-term bearish bias and prompt some additional short-covering move, assisting the pair to surpass an intermediate resistance near mid-0.6800s and aim towards reclaiming the 0.6900 handle.

AUD/USD 1-hourly chart

fxsoriginal

AUD/USD

Overview
Today last price 0.6783
Today Daily Change 0.0004
Today Daily Change % 0.06
Today daily open 0.6779
 
Trends
Daily SMA20 0.684
Daily SMA50 0.6917
Daily SMA100 0.6969
Daily SMA200 0.7061
Levels
Previous Daily High 0.6796
Previous Daily Low 0.677
Previous Weekly High 0.6818
Previous Weekly Low 0.6736
Previous Monthly High 0.7082
Previous Monthly Low 0.6832
Daily Fibonacci 38.2% 0.6786
Daily Fibonacci 61.8% 0.678
Daily Pivot Point S1 0.6767
Daily Pivot Point S2 0.6756
Daily Pivot Point S3 0.6741
Daily Pivot Point R1 0.6793
Daily Pivot Point R2 0.6808
Daily Pivot Point R3 0.6819

 

 

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