- Bulls seemed struggling to extend the uptick beyond the 0.6900 handle.
- The downtick remains cushioned ahead of the US monthly jobs report.
The AUD/USD pair struggled to capitalize on the early uptick, albeit has still managed to hold its neck above a previous resistance breakpoint, now turned support near the 0.6880-90 zone. The mentioned region coincides with the 50% Fibonacci level of the 0.7082-0.6671 downfall and should act as a key pivotal point for intraday traders.
Meanwhile, technical indicators on the daily chart have just started gaining positive traction and support prospects for a further near-term appreciating move. However, oscillators on hourly charts have been losing momentum and thus, warrant some caution ahead of the release of the closely watched US monthly jobs report – NFP.
Should bulls fail to defend the said support, the pair is likely to slide back towards the 0.6820 region – nearing 38.2% Fibo. level – en-route the 0.6800 round-figure mark. The slide could further get extended towards 23.6% Fibo. level, around the 0.6770-65 region, before the pair eventually drops towards challenging the 0.6700 handle.
On the flip side, bulls are likely to wait for a sustained move beyond the 0.6930 region (61.8% Fibo.), above which the pair seems all set to surpass the very important 200-day SMA hurdle near the 0.6960 region and aim towards reclaiming the 0.70 psychological mark ahead of the 0.7030-35 supply zone.
AUD/USD daily chart
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