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U.S. Dollar / Australian Dollar

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USDAUD trade ideas

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
AUDUSD bears again aim for sub-0.6400 areaAUDUSD fails to extend the previous day’s corrective bounce off the two-year low as a 12-day-old resistance line joins the 61.8% Fibonacci Expansion (FE) of April-August moves, around 0.6530, to recall the bears. The nearly oversold RSI conditions, however, challenge the pullback moves, which in turn suggest limited downside and highlight the 78.6% FE level near 0.6365. In a case where the pair declines below 0.6365, the 0.6300 and the 0.6200 thresholds may please the bears before directing them to the 100% FE level near 0.6150. Alternatively, recovery moves must stay successfully beyond the 0.6530 resistance confluence to aim for the 2.5-month-old hurdle, around 0.6680-85. Following that, the monthly high near 0.6915 and a downward sloping resistance line from early June, close to 0.7020, will be in focus. Overall, AUDUSD is up for further downside but the room to the south appears limited.
by MTradingGlobal