AUDUSD Price Analysis: Bulls to face an uphill task en-route 0.7350


  • AUDUSD bulls appear to lack follow-through above 0.7300.
  • Hourly RSI stays bullish and points north, allowing more upside.
  • Bearish crossover on the hour sticks warrants some caution.

AUDUSD has recaptured the 0.7300 level amid a risk-on market profile, fuelled by the coronavirus vaccine progress and a green light given to US President-elect Joe Biden with his White House transition.

The aussie struggles to extend the upside despite the RBA Deputy Governor Guy Debelle ruling out a rate hike for at least three years and downplaying negative rates expectations.

From a technical perspective, the setup on the hourly chart suggests that the major is likely to hard time dealing with the sellers before it resumes the recent uptrend above 0.7350.

The hourly Relative Strength Index (RSI) holds higher above the midline, currently at 60.71, suggesting that there is additional room to the upside.

The bulls need a daily closing above the previous critical hurdle of 0.7340 to unleash the further upside towards Monday’s high of 0.7357.

However, the bearish crossover, with the 21-hourly moving average (HMA) piercing the 50-HMA from above, indicates that it may not be a joyful ride for the bulls.

Relevant support for the pair awaits at the upward-pointing 50-HMA at 0.7306, below which the 100-HMA could be tested at 0.7300.

Further south, the horizontal 200-HMA at 0.7290 will challenge the bears’ commitment, with the daily low of 0.7282 on the sellers’ sight.

AUDUSD: Hourly chart

AUDUSD: Additional levels

AUD/USD

Overview
Today last price 0.7319
Today Daily Change 0.0037
Today Daily Change % 0.51
Today daily open 0.7284
 
Trends
Daily SMA20 0.7215
Daily SMA50 0.7178
Daily SMA100 0.7171
Daily SMA200 0.6843
 
Levels
Previous Daily High 0.7357
Previous Daily Low 0.7264
Previous Weekly High 0.734
Previous Weekly Low 0.7254
Previous Monthly High 0.7244
Previous Monthly Low 0.7002
Daily Fibonacci 38.2% 0.73
Daily Fibonacci 61.8% 0.7322
Daily Pivot Point S1 0.7246
Daily Pivot Point S2 0.7209
Daily Pivot Point S3 0.7154
Daily Pivot Point R1 0.7339
Daily Pivot Point R2 0.7394
Daily Pivot Point R3 0.7431

 

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Bears hold the grip, critical challenge at 1.2000

The greenback firmed up at the end of the week, closing it with substantial gains against most major rivals. Renewed coronavirus concerns and poor macroeconomic data spurred risk-off. EUR/USD is firmly bearish.

EUR/USD News

GBP/USD: Further restrictions in the UK may hit the pound

The GBP/USD pair trimmed most of its weekly gains on Friday and settled in the 1.3580 price zone, amid risk-off fueling dollar’s demand. UK GDP contracted by less than anticipated in November, Industrial Production plunged.

GBP/USD News

Gold: Further decline toward $1,800 remains on the cards

Gold failed to stage a convincing rebound this week. After losing more than 2% in the previous week, the XAU/USD pair extended its slide on Monday and touched its lowest level since early December at $1,817. 

Gold news

Darkest fefore dawn

The upcoming economic news is likely to be dreadful, and if it is not dreadful, it will be mostly ignored. This includes the release of the preliminary January PMI figures at the end of the week. Japan is extending its national emergency to another five prefectures, which collectively account for over half of the nation's GDP.

Read more

DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen significant weakness, aside from CHF/USD and JPY/USD, given that the two currencies are also considered “safe havens”.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures