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AUDUSD

AUDUSD braces for further upside inside 3.5-month-old bullish chDespite the AUDUSD pair’s south-run on the downbeat Aussie jobs report, the pair trades successfully inside a 3.5-month-long upward-sloping trend channel. That said, the overbought RSI highlights beyond an ascending trend line hurdle stretched from mid-November and the 61.8% Fibonacci retracement level, respectively near 0.7015 and 0.7090 as near-term key hurdles. Following that, the August 2022 peak surrounding 0.7140 could act as the last defense of the Aussie pair sellers, a break of which could propel prices towards June’s top of 0.7282 before eyeing further advances. Alternatively, pullback moves could aim for the aforementioned channel’s lower line, near 0.6800, as well as the 50-DMA level surrounding 0.6770. In a case where the AUDUSD price drops below 0.6770, the bearish trend could be respected, which in turn highlights the 23.6% Fibonacci retracement level near 0.6500 as the attraction for bears. Overall, AUDUSD holds onto further upside even as the overbought RSI line hints at a pullback.
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 are all set to visit the 0.7000 thresholdOn Friday, AUDUSD offered the first daily closing beyond the 200-DMA, as well as a downward-sloping trend line from June, despite an upbeat US jobs report. The upside momentum recently crossed multiple hurdles surrounding the 0.6900 threshold, as well as the tops marked during early September 2022 near 0.6915, which in turn suggests the pair’s run-up towards the 0.7000 psychological magnet. In a case where the Aussie bulls keep the reins past 0.7000, a run-up towards the August 2022 peak around 0.7135 can’t be ruled out. Alternatively, sellers need to wait for a clear downside break of the resistance-turned-support line from June, close to 0.6830 at the latest. Even so, a two-month-old ascending support line, near 0.6730, could probe the AUDUSD bears before giving them control. In a case where the Aussie pair remains weak past 0.6730, the lows marked during December and the mid-November, close to 0.6630 and 0.6585 in that order, should lure the sellers. Overall, AUDUSD is ready for further upside towards the 0.7000 psychological magnet.
by MTradingGlobal
AUDUSD lures bears even as 200-SMA probes immediate downsideA clear break of the monthly bullish channel welcomed AUDUSD buyers the last week despite the quote’s hesitance to break the 200-SMA. That said, bearish MACD signals add strength to the downside bias suggesting an imminent fall to the November 08 swing high surrounding 0.6550, given the successful break of the 200-SMA level of 0.6660. Following that, the 78.6% Fibonacci retracement level of the Aussie pair’s November-December upside, around 0.6410, can’t be ruled out. Meanwhile, any recoveries need to defy the channel breakdown by successful trading above the 0.6725-30 support-turned-resistance to recall the AUDUSD buyers. Even so, the 0.6800 hurdle comprising multiple levels marked since mid-November could test the bulls before giving them control. In a case where AUDUSD remains firmer past 0.6800, the December-start peak near 0.6850 could return to the chart. However, a convergence of the stated channel’s upper line and the monthly high, close to 0.6890, closely followed by the 0.6900 round figure, appears a tough nut to crack for the pair buyers afterward. Overall, AUDUSD sellers are in the driver’s seat and await a clear break of the 200-SMA to dominate further.
by MTradingGlobal
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