- The AUD/USD pair is placed at the top end of its daily trading range, or two-week tops, with bulls now eyeing a follow-through move beyond 50-day SMA.
- The fact that the pair is moving higher after forming a base near 61.8% Fibo. level of the 0.7022-0.6832 recent slide support prospects for an eventual breakout.
Meanwhile, bullish technical indicators on hourly/daily charts further add credence to the constructive outlook and set the stage for a further intraday positive move towards reclaiming the key 0.70 psychological mark.
The mentioned handle coincides with a short-term descending trend-line - extending from April 30 through monthly tops, and should now act as a key pivotal point for the pair's next leg of a directional move.
A follow-through buying would negate any near-term bearish bias and trigger a fresh bout of a short-covering move, lifting the pair further beyond monthly highs, around the 0.7020-25 region, towards testing the next major hurdle near the 0.7065-70 supply zone.
On the flip side, the 61.8% Fibo. level, near mid-0.6900s, now seems to protect the immediate downside, which if broken might accelerate the slide, though would still be seen as a buying opportunity and hence, limit the downfall near 38.2% Fibo. level support near the 0.6900 handle.
AUD/USD daily chart
|Today last price||0.697|
|Today Daily Change||0.0008|
|Today Daily Change %||0.11|
|Today daily open||0.6962|
|Previous Daily High||0.6969|
|Previous Daily Low||0.6926|
|Previous Weekly High||0.6938|
|Previous Weekly Low||0.6831|
|Previous Monthly High||0.7062|
|Previous Monthly Low||0.6862|
|Daily Fibonacci 38.2%||0.6953|
|Daily Fibonacci 61.8%||0.6942|
|Daily Pivot Point S1||0.6936|
|Daily Pivot Point S2||0.6909|
|Daily Pivot Point S3||0.6893|
|Daily Pivot Point R1||0.6979|
|Daily Pivot Point R2||0.6995|
|Daily Pivot Point R3||0.7022|
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