Get started

AUDUSD

AUDUSD needs to cross 200-DMA for further upsideAUDUSD grinds near a three-month high as the RBA lifts benchmark interest rate by 0.25%, as expected. Given the RSI pullback from the overbought conditions, a monthly resistance line near 0.6740 restricts the quote’s immediate upside ahead of the key six-month-old descending trend line, near 0.6880 by the press time. Even so, the 200-DMA level around 0.6920 becomes the last defense of the pair sellers and may probe the north run afterward. In a case where the Aussie pair remains firmer past 0.6920, a run-up towards the tops marked in August, close to 0.7010 and 0.7135, will be in focus. Alternatively, a daily closing below the the 100-DMA and July’s low near 0.6680-85 could please the AUD/USD bears. In a case where the Aussie pair remains weak past 0.6680, a south-run towards October’s peak near 0.6545 can’t be ruled out. It should be noted that the quote’s weakness past 0.6545 will make it vulnerable to challenging the yearly low surrounding 0.6170. Overall, AUDUSD approaches the key resistances but the buyers seem running out of fuel.
by MTradingGlobal
AUDUSD teases bears amid China-inspired risk aversionAfter closing a positive week on the red side, AUDUSD remains on the bear’s radar as it broke a short-term symmetrical triangle, as well as the 50-SMA. However, the bears need a clear downside break of the previous week’s bottom surrounding 0.6580 to keep the reins. In that case, the downward trajectory could aim for the 200-SMA level surrounding 0.6475. During the fall, the 0.6500 round figure may act as intermediate halts. Alternatively, a convergence of the previous support line and the 50-SMA, around 0.6700, holds the key to the buyer’s entry. Following that, a downward-sloping trend line from November 15, close to 0.6770 could challenge the upside momentum. In a case where the AUDUSD pair remains firmer past 0.6770, the monthly high and 61.8% Fibonacci Expansion (FE) of 10-21 November moves, respectively around 0.6800 and 0.6840 will be in focus. Overall, AUDUSD is likely to remain weaker unless rising back beyond 0.6770.
by MTradingGlobal
AUDUSD bulls are at test, 0.6535 is the keyAUDUSD remains pressured after printing the first negative week in five. The bearish bias recently got acceptance from the 50-SMA breakdown. However, a 13-day-old support line near 0.6560 and the 100-SMA level surrounding 0.6535 challenge the bears of late. Should the quote drops below the key moving average, the odds of witnessing a gradual south-run towards a five-week-old ascending support line and 23.6% Fibonacci retracement level of the September-October downturn, near 0.6350, could act as the last defense before directing sellers towards the yearly low near 0.6170. Meanwhile, the 50-SMA and a one-week-old descending trend line guard recovery moves of the AUDUSD pair around 0.6655 and 0.6700 respectively. Even if the Aussie pair buyers manage to cross the immediate hurdles, the 78.6% Fibonacci retracement and the monthly top, close to 0.6760 and 0.6800 in that order, will act as additional upside filters to challenge the upside momentum. Following that, a run-up towards the top marked in September around 0.6920 and the 0.7000 threshold can’t be ruled out. Overall, AUDUSD bulls ran out of steam in the last week and further downside is on the cards.
by MTradingGlobal
AUDUSD bulls eye 200-DMA on Aussie employment data dayAlthough AUDUSD retreats from a descending trend line from early April, the 100-DMA challenges the pair bears as they cheer a retreat from a two-month high. The same paves the way for the Aussie pair’s another battle with the 200-DMA hurdle, around 0.6950 by the press time. It should be noted, however, that the overbought conditions of RSI suggest the quote’s third pullback from the key moving average resistance. Though, a clear upside break of the 200-DMA, as well as sustained trading beyond the 0.7000 psychological magnet, won’t hesitate to challenge the August 2022 peak near 0.7135. On the contrary, a daily closing beneath the 100-DMA support surrounding 0.6700. Following that, July’s low near 0.6680 can act as an extra downside filter before directing bears toward the 23.6% Fibonacci retracement level of the April-October downturn, close to 0.6520 as we write. In a case where AUDUSD bears dominate past 0.6520, the odds of witnessing a fresh yearly low, currently around 0.6170, can’t be turned down. Overall, AUDUSD is on the bull’s radar but the 200-DMA appears strong challenge for the pair’s further upside.
by MTradingGlobal
AUDUSD bulls flex muscles but 0.6530 holds the gateAUDUSD retreats to the upper line of a one-month-old symmetrical triangle. However, the RSI (14) suggests that the bulls are running out of steam. As a result, the upside momentum appears doubtful unless witnessing a successful break of the 0.6480 hurdle. Even so, multiple hurdles surrounding the 61.8% Fibonacci retracement level of the pair’s downside between September 20 and October 13, around 0.6530, appears as the key resistance to watch for a better view. If the quote manages to stay beyond 0.6530, the odds of a run-up towards 0.6570 and then to 0.6655-60 can’t be ruled out. Meanwhile, pullback moves remain elusive unless staying beyond the 200-SMA level surrounding the 0.6400 threshold. Following that, 0.6365 and 0.6345 levels can entertain the AUDUSD bears. It should be noted, however, that the aforementioned triangle’s support line, close to 0.6290 at the latest, will be crucial to follow afterward. In a case where the pair successfully breaks the 0.6290 support, it becomes vulnerable to refreshing the yearly low, currently around 0.6170. Overall, AUDUSD lures buyers but confirmation is necessary before taking a long position.
by MTradingGlobal
AUDUSD sellers struggle on the RBA dayAUDUSD bounces off a one-month-old horizontal support while poking the 200-SMA on the day of the Reserve Bank of Australia’s (RBA) scheduled monetary policy announcements. While a clear downside break of the 0.6345-60 support area opens the door for the Aussie pair’s fresh yearly low, currently around 0.6170, an upward-sloping support line from October 13 could act as a buffer near the 0.6250 level. That said, the 61.8% Fibonacci Expansion (FE) of the AUDUSD pair’s moves between September 13 to October 27, close to 0.6060, will be in the spotlight during the pair’s downside past 0.6170. Alternatively, the 200-SMA and seven-day-old previous support, respectively near 0.6450 and 0.6480, could challenge the AUDUSD pair’s recovery moves. Following that, multiple levels marked since September 26 could test the buyers around 0.6540-50. It should, however, be noted that the pair’s successful run-up beyond 0.6550 could aim for the 61.8% and 78.6% Fibonacci retracement levels of the quote’s September-October downside, close to 0.6630 and 0.6755 in that order.
by MTradingGlobal
AUDUSD braces for recovery near YTD low, 0.6365 is crucialAUDUSD rebounds inside a three-week-old falling wedge bullish chart formation and it becomes more important for the short-term buyer’s return as the quote is around the 2.5-year low. It should, however, be noted that only an upside break of 0.6290 hurdle won’t be enough to convince bulls as a horizontal area surrounding 0.6345-65 appears a tough nut to crack for them before retaking control. Also asking as the upside filter is another horizontal zone from September 26, close to 0.6540, as well as the 200-SMA near 0.6580. Meanwhile, pullback moves remain elusive beyond the stated wedge’s support, near 0.6180 by the press time, breaking which the yearly low near 0.6170 could act as the validation point for the AUDUSD pair’s further weakness. During the pair’s weakness past 0.6170, the 0.6000 psychological magnet will be on the bear’s radar ahead of April 2020 low near 0.5980. Overall, AUDUSD bears are running out of steam and can trigger a short-term rebound. It’s worth noting, however, that the bulls have a long and bumpy way to ride.
by MTradingGlobal
AUDUSD drops towards 0.6500 on RBA’s smaller rate hikeAUDUSD reverses the previous weekly gains as the RBA disappoints bulls with 25 basis points (bps) of a rate hike, compared to a widely anticipated 50 bps move. With this, the Aussie pair reverses from a two-week-old resistance line, as well as a horizontal area comprising multiple tops marked since September 26. That said, the pair’s latest weakness aims for the 0.6400 threshold before testing the recent swing low near 0.6390. However, the yearly low near 0.6360 and the 61.8% Fibonacci Expansion (FE) of September 15-29 moves, near 0.6280, could probe the bears afterward. Alternatively, the aforementioned resistance line and the horizontal resistance area challenge buyers below 0.6535. Following that, the 100-SMA level surrounding 0.6625 could gain the market’s attention. In a case where the AUDUSD buyers manage to cross the 0.6625 hurdle, the 0.6740-50 area comprising the 200-SMA and highs marked since September 20 will act as the last defense of sellers. Overall, AUDUSD is ready for a fresh downside and can renew the yearly low as RBA disappoints policy hawks.
by MTradingGlobal