AUD/USD Technical Analysis: Set-up points to an extension of the intraday positive momentum

Haresh Menghani FXStreet

• The pair built on overnight rebound from 38.2% Fibonacci retracement level of the 0.7021-0.7259 last week's upsurge and was seen trending higher along a short-term ascending channel.

• The up-move extended further beyond the 0.7200 handle and positive technical indicators on the hourly chart remained supportive of the ongoing positive momentum.

• The fact that the pair is holding above important intraday moving averages (50, 100 & 200-hour SMAs), support prospects for an extension of the intraday up-move.

• Despite the constructive outlook, the pair still seems more likely to remain capped below the 100-day SMA barrier ahead of the overhyped US midterm elections.

AUD/USD 30-min chart

AUD/USD

Overview:
    Last Price: 0.7222
    Daily change: 10 pips
    Daily change: 0.139%
    Daily Open: 0.7212
Trends:
    Daily SMA20: 0.7112
    Daily SMA50: 0.7163
    Daily SMA100: 0.7269
    Daily SMA200: 0.7487
Levels:
    Daily High: 0.7219
    Daily Low: 0.7183
    Weekly High: 0.726
    Weekly Low: 0.705
    Monthly High: 0.724
    Monthly Low: 0.702
    Daily Fibonacci 38.2%: 0.7205
    Daily Fibonacci 61.8%: 0.7196
    Daily Pivot Point S1: 0.719
    Daily Pivot Point S2: 0.7168
    Daily Pivot Point S3: 0.7153
    Daily Pivot Point R1: 0.7226
    Daily Pivot Point R2: 0.7241
    Daily Pivot Point R3: 0.7263

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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