Oct 06, 2022
VOT Research Desk
In line with the upbeat market atmosphere, AUD/USD has increased to almost a two-day high at 0.6547.
A consolidation that has lasted seven days in the 0.6390-0.6547 area is expected to burst sooner.
The range of the RSI (14) has changed to the positive area of 60.00-80.00.
Since the first tick, the AUD/USD pair has been steadily rising as market players’ appetite for risk has increased. The asset has gotten close to Tuesday’s high at about 0.6547 and is anticipated to surpass it with absolute certainty as commodity-linked currencies have taken center stage.
After reporting a new two-year bottom at 0.6363, there has been a seven-day consolidation on an hourly basis, which suggests a positive reversal is about to occur. The asset is showing a balanced auction profile in the range of 0.6390 to 0.6547. The chartered region will be noted as the territory that has been auctioned off the most.
The 50- and 200-period Exponential Moving Averages (EMAs) at 0.6492 and 0.6508 have been broken by the Aussie bulls, adding to the upside filters. The 50-and-200-EMA bullish cross, which is a representation of the formation of a golden cross, will support the Aussie bulls even more.
The Relative Strength Index (RSI) (14) has changed from 40.00 to 60.00 to 60.00 to 80.00, indicating that upside momentum has been initiated.
The asset will go toward the highs of September 22 at 0.6670 and September 18 at 0.6734 if the Tuesday high at 0.6547 is broken.
A decline below the two-year low at 0.6363, on the other hand, will push the asset down to the round-level support at 0.6100 and the bottom from 16 April 2020 at 0.6264.
AUD/USD Technical Report
|
Daily SMA20 |
0.6621 |
|
Daily SMA50 |
0.6806 |
|
Daily SMA100 |
0.689 |
|
Daily SMA200 |
0.7065 |
