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


Today last price 0.7319
Today Daily Change 0.0037
Today Daily Change % 0.51
Today daily open 0.7284
Daily SMA20 0.7215
Daily SMA50 0.7178
Daily SMA100 0.7171
Daily SMA200 0.6843
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




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