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U.S. Dollar / Australian Dollar

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USDAUD trade ideas

AUDUSD buyers flex muscles for further ruling, 0.6820 is crucialAUDUSD marked the biggest weekly gain since early November 2022, not to forget mentioning the second in a row, backed by RBA’s hawkish surprise. The Aussie pair, however, currently jostles with the key upside hurdle as the key week comprising the US inflation and Federal Reserve (Fed) monetary policy decision looms. That said, a four-month-old descending resistance line and the 200-EMA, challenge the bulls near 0.6750. Following that, the previous monthly high surrounding 0.6820 is the last stand for bears to leave before giving control to the bulls. In a case where the quote remains firmer past 0.6820, the 0.6850 and the late 2022 peak of around 0.6900 will be in the spotlight. Meanwhile, pullback moves may initially aim for the 50% Fibonacci retracement level of the AUDUSD pair’s run-up from October 2022 to February 2023, close to 0.6660. In a case where sellers dominate past 0.6660, lows marked in April and March, respectively near 0.6570 and 0.6560, will be on their radars. It should be noted that the yearly low marked in May around 0.6455 appears the final fight for the bulls to win, if not then the pair’s southward trajectory towards a 78.6% Fibonacci retracement level of near 0.6375 can’t be ruled out.
by MTradingGlobal
AUDUSD bulls can keep control beyond 0.6560 on RBA DayAUDUSD struggles to defend the previous weekly rebound from the yearly low as traders await the Reserve Bank of Australia’s (RBA) monetary policy decision. Although the Aussie central bank is likely to keep the benchmark rates unchanged after a surprise 0.25% rate hike in the last, it can follow the RBNZ’s hawkish action amid recently firmer Australian data and keep the pair buyers happy. Alternatively, an unimpressive RBA verdict needs validation from 0.6565-60 support confluence comprising a three-month-old horizontal support zone and a previous resistance line from mid-May. Following that, a quick fall toward the 0.6500 round figure can’t be ruled out. However, the yearly bottom marked the last week, around 0.6455, might challenge the pair sellers afterward. Meanwhile, the 200-EMA hurdle of around 0.6650 restricts the short-term upside of the RBA even if the Australian central bank offers a positive surprise. Following that, the mid-May peak of around 0.6710 can lure the AUDUSD bulls. It’s worth noting, however, that the Aussie pair’s upside past 0.6710 will witness multiple hurdles around 0.6750, 0.6800 and 0.6820. In a case where the AUDUSD manages to remain firmer past 0.6820, the odds of witnessing a run-up toward the 0.7000 threshold and then to the yearly high of around 0.7160 are high. Overall, AUDUSD is likely to remain on the front foot despite the RBA’s status quo unless it breaks the 0.6560 key support.
by MTradingGlobal
AUDUSD remains vulnerable to testing sub-0.6400 zoneAUDUSD remains on the bear’s side after breaking the key support line in the last week. The nearly oversold RSI, however, allowed the quote to consolidate in the last few days while the bearish MACD signals keep sellers hopeful. Hence, the Aussie pair remains vulnerable to testing an eight-month-old horizontal support zone surrounding 0.6380 while any further downside may witness a pause before challenging the previous yearly low of around 0.6170. Meanwhile, any corrective bounce needs validation from the previous support line of around 0.6610. Following that, AUDUSD recovery towards the 100-DMA hurdle surrounding 0.6765 can’t be ruled out. It should be noted that the monthly high of near 0.6820 and the December 2022 peak of near 0.6895, quickly followed by the 0.6900 round figure, will act as extra filters toward the north. In a case where the AUDUSD pair remains firmer past 0.6900, a run-up towards the current yearly top of near 0.7160 can’t be ruled out. Overall, AUDUSD remains on the way to refreshing the yearly low unless crossing the 0.6900 mark.
by MTradingGlobal
AUDUSD sellers need to break 0.6600 support to retake controlAfter repeated failures to cross the 100-DMA, the AUDUSD pair again attacks an 11-week-long ascending support line, around 0.6610 at the latest. That said, bearish MACD signals and a mostly steady RSI (14) line keep the Aussie pair sellers hopeful of breaking the stated key support. Even so, a confirmation from the 0.6600 round figure, becomes necessary for the bears to battle with the 61.8% Fibonacci retracement level of October 2022 to February 2023 upside, close to 0.6545. In a case where the quote remains bearish past 0.6545, the odds of witnessing a gradual fall towards 0.6380 and then to the yearly low of around 0.6170 can’t be ignored. On the contrary, AUDUSD recovery remains unimpressive below the 100-DMA hurdle surrounding 0.6785. Adding strength to the stated resistance is the 38.2% Fibonacci retracement level. That said, the 0.6710 can guard the immediate recovery of the Aussie pair. It should be noted, however, that the quote’s successful break of 0.6785 resistance confluence can propel the pair towards 0.6850 and a late 2022 peak of near 0.6895, quickly followed by the 0.6900 round figure. Overall, AUDUSD is likely to turn bearish after closely missing the negative weekly mark in the last.
by MTradingGlobal
AUDUSD lures bears by poking 0.6635 supportAUDUSD remains pressured inside a two-week-old descending triangle after posting heavy losses in the last week. Also favoring the downside bias is the Aussie pair’s sustained trading below the 200-EMA, as well as bearish MACD signals. It’s worth noting, however, that the RSI (14) appears mostly oversold and hence the pair’s bottom-picking around the stated triangle’s support line, close to 0.6635 at the latest, can’t be ruled out. Should the pair sellers remain in the driver’s seat past 0.6635, a fall to the monthly low of 0.6605 becomes imminent. Following that, the previous monthly bottom and the yearly trough, respectively around 0.6572 and 0.6563, may challenge the pair’s further downside before giving control to the bears. Alternatively, AUDUSD recovery needs to defy the triangle formation by staying successfully beyond the resistance line, around 0.6650 at the latest. In that case, the 200-EMA hurdle of near 0.6700 may question the buyers before directing them to the monthly peak of near 0.6820. It should be observed that the Aussie pair’s sustained run-up beyond 0.6820 enables the bulls to aim for the 0.7000 psychological magnet, a break of which could allow buyers to target February’s highs surrounding 0.7030 and 0.7160. Overall, AUDUSD bears are holding the reins but need validation to dominate further.
by MTradingGlobal