AUD/USD Price Analysis: Mildly bid above 200-HMA

AUD/USD remains firmer inside a choppy range below 0.7600.
Upbeat Momentum line, sustained break of 200-HMA favor buyers.
Weekly horizontal line, immediate rising line increase the downside filters.
AUD/USD stays high round the intraday peak of 0.7595, up 0.12% on each day , while heading into Friday’s European session. Even so, the Aussie pair’s sustained break of 200-HMA keeps buyers hopeful amid an upward sloping Momentum line.

That said, the five hundred Fibonacci retracement of June 16–18 downside, round the 0.7600 threshold, guards immediate upside before June 17 top near 0.7650.

It should, however, be noted that a transparent upside beyond 0.7650 will aim for the previous month’s low near 0.7675-80.

On the contrary, a downside break of 200-HMA level of 0.7584 may take rest near one-week-old horizontal support surrounding 0.7565-60.

Also acting as important support is an upward sloping line from Monday, around 0.7535, an opportunity of which can confirm the AUD/USD sellers’ entry targeting the monthly low of 0.7477.


Read Previous

Crude Oil Futures: Potential correction lower

Read Next

Gold Price Forecast: XAU/USD prints first weekly gains in four around $1,780, US PCE data eyed

Leave a Reply

Your email address will not be published. Required fields are marked *