AUD/USD technical analysis: Sits at 2-week tops, bulls likely to target 0.70 mark


  • 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

AUD/USD

Overview
Today last price 0.697
Today Daily Change 0.0008
Today Daily Change % 0.11
Today daily open 0.6962
 
Trends
Daily SMA20 0.6933
Daily SMA50 0.6975
Daily SMA100 0.7042
Daily SMA200 0.7108
Levels
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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