AUD/USD technical analysis: Intraday recovery falters near descending trend-channel resistance


  • The AUD/USD pair struggled to capitalize on its attempted intraday recovery from a support marked by the lower end of a short-term descending trend-channel.
  • Slightly oversold conditions on hourly charts prompted some short-covering move at the start of a new trading week, albeit lacked any strong bullish conviction.

Meanwhile, technical indicators maintained their bearish bias on the daily chart and turned out to be one of the key factors that kept a lid on the intraday positive move near the trend-channel resistance. 

This coupled with the fact that oscillators on the 1-hourly chart have also moved out of the oversold territory, now support prospects for the resumption of the near-term well-established bearish trend.

However, the downside is likely to remain supported by the lower end of the trend-channel ahead of this week’s key event risk – the latest FOMC policy update, scheduled to be announced on Wednesday.

On the flip side, a sustained break through the trend-channel resistance, near the 0.6880 region, leading to a subsequent move beyond the 0.6900 handle might prompt some addition short-covering move.

AUD/USD 1-hourly chart

AUD/USD

Overview
Today last price 0.6875
Today Daily Change 0.0003
Today Daily Change % 0.04
Today daily open 0.6872
 
Trends
Daily SMA20 0.6933
Daily SMA50 0.7004
Daily SMA100 0.7061
Daily SMA200 0.7115
Levels
Previous Daily High 0.6919
Previous Daily Low 0.6861
Previous Weekly High 0.7009
Previous Weekly Low 0.6861
Previous Monthly High 0.7062
Previous Monthly Low 0.6862
Daily Fibonacci 38.2% 0.6883
Daily Fibonacci 61.8% 0.6897
Daily Pivot Point S1 0.6849
Daily Pivot Point S2 0.6825
Daily Pivot Point S3 0.679
Daily Pivot Point R1 0.6907
Daily Pivot Point R2 0.6942
Daily Pivot Point R3 0.6966

 

 

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