AUD/USD technical analysis: Intraday up-move stalls near 100-hour SMA resistance, around mid-0.6700s
- Bulls failed to capitalize on the goodish intraday recovery move.
- The positive momentum falters near 100-hour SMA post-US GDP.
The AUD/USD pair managed to rebound around 35-pips from daily lows in reaction to positive trade-related headlines, albeit struggled to extend the momentum further beyond 100-hour SMA.
On the 1-hourly chart, the pair already seems to have confirmed a short-term bullish break through a descending trend-channel, which supports prospects for some intraday dip-buying interest.
However, oscillators on 4-hourly/daily charts have struggled to recover from the negative territory or gain any meaningful positive traction on the 1-hourly chart, which failed to impress bulls.
Meanwhile, a sustained move beyond 100-hour SMA resistance near mid-0.6700s is likely to accelerate the recovery move towards the 0.6780 horizontal resistance en-route the 0.6800 handle.
Immediate support is now pegged near the 0.6720 region and is followed by the 0.6700 mark, below which the pair might head back towards retesting multi-year lows – around the 0.6680-75 region.
AUD/USD 1-hourly chart
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Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
