AUD/USD Technical Analysis: Bulls eyeing a sustained breakthrough 1-week old trading range
• The pair regained positive traction at the start of a new trading week and now seems to have found acceptance above 100-hour SMA amid renewed optimism over a possible US-China trade deal.
• Looking at the technical picture, barring a couple of knee-jerk reactions, the pair remained confined within a broader trading range, forming a rectangular chart pattern on the 1-hourly chart.
• Technical indicators on the mentioned chart and the 4-hourly chart have been gaining positive traction, and thus, support prospects for an extension of the intraday positive momentum.
• However, oscillators on the daily chart are still far from recovering from the negative territory and warrant caution amid relatively thin liquidity conditions on the New Year's Eve.
• Hence, it would be prudent to wait for a convincing breakthrough the mentioned range before traders start positioning for any further near-term appreciating move for the pair.
AUD/USD 1-hourly chart
Today Last Price: 0.7068
Today Daily change: 29 pips
Today Daily change %: 0.412%
Today Daily Open: 0.7039
Previous Daily SMA20: 0.7163
Previous Daily SMA50: 0.7188
Previous Daily SMA100: 0.7196
Previous Daily SMA200: 0.736
Previous Daily High: 0.707
Previous Daily Low: 0.7019
Previous Weekly High: 0.7078
Previous Weekly Low: 0.7014
Previous Monthly High: 0.7345
Previous Monthly Low: 0.7072
Previous Daily Fibonacci 38.2%: 0.7051
Previous Daily Fibonacci 61.8%: 0.7038
Previous Daily Pivot Point S1: 0.7015
Previous Daily Pivot Point S2: 0.6992
Previous Daily Pivot Point S3: 0.6964
Previous Daily Pivot Point R1: 0.7066
Previous Daily Pivot Point R2: 0.7094
Previous Daily Pivot Point R3: 0.7117