VOT Research Desk
In the early hours of Tuesday, the AUD/USD crosses over 0.6615 for the first time in five days. This allows the Aussie pair to bounce back from a short-term bearish channel’s support line while luring buyers to try for the 200-HMA.
The RSI (14) and recent improvement in the positive MACD signals, in addition to the lower line of a one-week-old descending trend channel, support the AUD/USD purchasers.
The 200-HMA and the indicated channel’s upper line, which are located respectively near 0.6660 and 0.6690, look to be the immediate obstacles that the AUD/USD bulls must overcome before regaining control.
Even if the price moves over 0.6690, the 0.6700 support level and the monthly high near 0.6800 may pause the upward trend before gently allowing buyers to enter. On the other hand, a breakdown to the downside of the resistance of the aforementioned channel, at the latest at 0.6575, could quickly push the quote towards the 61.8% Fibonacci retracement level of the pair’s upswing from November 10-15, near 0.6545.
The AUD/USD pair sellers may then be drawn to the round numbers of 0.6500 and 0.6400 before the November 10 swing bottom in the vicinity of 0.6385 is highlighted. Unless it defies the creation of a falling trend channel, the AUD/USD is likely to be bearish overall.
|
Daily SMA20 |
0.6528 |
|
Daily SMA50 |
0.6489 |
|
Daily SMA100 |
0.6693 |
|
Daily SMA200 |
0.6945 |
