News :AUD/USD technical analysis: Bulls gearing up for a move beyond 0.70 handle
- The AUD/USD pair climbed to fresh two-week tops on Wednesday and already seems to have found acceptance above 50-day SMA for the first time since April.
- The mentioned hurdle coincided with 38.2% Fibo. level of the 0.7207-0.6831 recent downfall and might now be seen as a key pivotal point for short-term traders.
With technical indicators on the daily chart just starting to gain positive momentum, bulls are likely to aim towards challenging near two-month-old descending trend-line resistance near the key 0.70 psychological mark.
A sustained break through the said handle would signal a near-term bullish breakout and accelerate the upward trajectory towards monthly swing highs, around the 0.7020-25 region – also marking 50% Fibo. resistance level.
A follow-through buying should now set the stage for a further near-term appreciating move towards testing its next major barrier near the 0.7060-65 region or 61.8% Fibo. level en-route the 0.7100 round figure mark.
On the flip side, the 0.6960-50 region now seems to protect the immediate downside, which if broken might prompt some additional weakness further towards the 0.6900 handle with some intermediate support near the 0.6920 level (23.6% Fibo. level).
AUD/USD daily chart
|Today last price||0.698|
|Today Daily Change||0.0020|
|Today Daily Change %||0.29|
|Today daily open||0.696|
|Previous Daily High||0.6979|
|Previous Daily Low||0.6942|
|Previous Weekly High||0.6938|
|Previous Weekly Low||0.6831|
|Previous Monthly High||0.7062|
|Previous Monthly Low||0.6862|
|Daily Fibonacci 38.2%||0.6956|
|Daily Fibonacci 61.8%||0.6965|
|Daily Pivot Point S1||0.6942|
|Daily Pivot Point S2||0.6923|
|Daily Pivot Point S3||0.6904|
|Daily Pivot Point R1||0.6979|
|Daily Pivot Point R2||0.6998|
|Daily Pivot Point R3||0.7017|