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U.S. Dollar / Australian Dollar

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AUD is gradually forming a double bottom patternAUD/USD continues to recover from the 0.6285 area, gradually forming a double bottom pattern with the neckline at 0.6435. On frame D1, the recovery momentum has weakened after touching the 20-day MA at 0.6380. On the H4 frame, the currency pair is still maintaining an uptrend. The RSI and MACD indicators signal that the upward momentum is still maintained. The price can still gain momentum if it maintains above the MA 20 line at 0.6330. Immediate resistance will be at 0.6390 and 0.6435. If the price retraces below 0.6330, the next important support levels will be 0.6310, 0.6285 and 0.6255.
Long
by NicoTradingMaster
AUDUSD bears again approach 0.6285 key supportAUDUSD extends the previous day’s retreat from the weekly top towards the bottom line of a three-week-old descending triangle surrounding 0.6285, tested twice in October. It’s worth noting, however, that the RSI (14) line is nearly oversold and hence challenges the Aussie bears around the key support. The same highlights the probability of witnessing a bounce from 0.6285 support but the recovery remains elusive unless the quote confirms the aforementioned bullish triangle, by crossing the 0.6390 upside hurdle. Even so, the 200-SMA and a downward-sloping resistance line stretched from early August, close to 0.6400 and 0.6440 respectively at the latest, will test the Aussie bulls before giving them control. Meanwhile, a downside break of the stated 0.6285 key support will need validation from the November 2022 low of around 0.6270 to keep the AUDUSD bears on the table. In that case, the 0.6200 round figure and the previous yearly low of around 0.6170 could lure the pair sellers. In a case where the pair remains weak past 0.6170, it becomes vulnerable to drop toward the April 2020 bottom of around 0.5980. That said, softer Australia Employment Change and Participation Rate join the broad US Dollar recovery to weigh on the AUDUSD pair. However, the downside room appears limited.
by MTradingGlobal
AUDUSD stays pressured around yearly low on RBA status quoAUDUSD holds lower grounds near 0.6335, close to the yearly low marked last week, after the Reserve Bank of Australia (RBA) left its cash rate unchanged as expected. It’s worth noting that the RBA Rate Statement appeared a bit dovish and hence allowed the Aussie bears to keep the reins, especially amid a broadly firmer US Dollar. Additionally, the bearish MACD signals and an absence of the oversold RSI line also keep the pair sellers hopeful. With this, the quote is likely to revisit a seven-month-old downward-sloping support line surrounding 0.6310, quickly followed by the 0.6300 round figure. Following that, the November 2022 bottom of near 0.6270 may act as the final defense of the buyers before directing the pair toward the previous yearly low close to 0.6170. Meanwhile, a corrective bounce can aim for the 78.6% Fibonacci retracement of October 2022 to February 2023 upside, near 0.6380 by the press time, ahead of directing the AUDUSD buyers toward the 50-day SMA level of around 0.6470. In a case where the Aussie bulls manage to keep the reins past 0.6470, a five-week-long descending resistance line near 0.6505 will be the last hurdle for the upside targeting June’s low of near 0.6600. It’s worth noting that the Aussie pair’s successful run-up beyond 0.6600 enables the quote to reverse the 2.5-month-old downtrend by aiming for July’s peak surrounding 0.6900. Overall, AUDUSD remains in the bearish trend even as the multi-month-old descending resistance line challenges the sellers.
by MTradingGlobal
AUDUSD eyes yearly low despite upbeat Australia inflationAUDUSD breaks a three-week-old rising support line even as Australia’s Monthly Consumer Price Index (CPI) matches upbeat market forecasts for August with 5.2% YoY figures. The trend line breakdown joins bearish MACD signals to keep the Aussie pair sellers hopeful. However, the RSI (14) line is approaching the oversold territory and hence suggests a limited room towards the south. The same highlights the yearly low marked earlier in September around 0.6360. In a case where the pair bears ignore the oversold RSI and refresh the yearly low, the 0.6300 round figure and November 2022 bottom of around 0.6270 will be on their radars ahead of the year 2022 low of 0.6170. On the contrary, the support-turned-resistance line of around 0.6415 guards the immediate recovery of the AUDUSD pair. Following that, a convergence of the 200-SMA and the 50-SMA, around 0.6440 by the press time, will challenge the Aussie bulls. Should the quote remain firmer past the key SMA confluence, the 0.6500 round figure and a six-week-long horizontal resistance around 0.6530 will be crucial to watch for clear directions as a sustained break of them will welcome the buyers with open hands. Overall, AUDUSD remains in the bearish trend despite upbeat Australian inflation data.
by MTradingGlobal
AUD continues to recover while still having difficulty resistancHello dear friends! Audusd continues to shine today when maintaining a significant increase and is currently trading about 0.645. Looking at the technical picture in today's 4 -hour chart, Au is receiving strong support and the next goal will be the 0.650 area. This is a strong resistance area when Au has reached the peak twice but cannot overcome, forcing Au to have a very strong motivation in the near future if he wants to overcome this resistance area. And bring many buyers to the market.
by Samson-FX