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U.S. Dollar / Australian Dollar

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USDAUD trade ideas

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