AUD/USD Technical Analysis: Bulls defend 50-hour SMA, await a sustained move beyond mid-0.7100s
• Last week's strong rebound from almost a decade low remained capped near mid-0.7100s, with bulls struggling to sustain/build on the momentum further beyond 61.8% Fibo. level of the early Dec.- early Jan. slump.
• Today's softer than expected Aussie trade balance data, coupled with a modest USD rebound prompted some profit-taking at higher levels, though the optimism over a possible US-China trade deal helped limit downside.
• The pair found some support near 50-hour SMA and the fact that technical indicators on hourly charts have managed to hold in the positive territory further support prospects for an extension of the ongoing up-move.
• Moreover, oscillators on the daily chart have just started gaining positive traction and add credence to the constructive set-up, albeit a sustained move beyond mid-0.7100s is needed to reaffirm the positive outlook.
• Detailed information about the latest round of US-China trade talks and the US President Donald Trump's address to the nations might influence the broader market sentiment and provide some fresh directional impetus.
AUD/USD 1-hourly chart
Today Last Price: 0.7137
Today Daily change: -7.0 pips
Today Daily change %: -0.0980%
Today Daily Open: 0.7144
Previous Daily SMA20: 0.7102
Previous Daily SMA50: 0.7186
Previous Daily SMA100: 0.7183
Previous Daily SMA200: 0.7341
Previous Daily High: 0.7151
Previous Daily Low: 0.7089
Previous Weekly High: 0.7125
Previous Weekly Low: 0.6684
Previous Monthly High: 0.7394
Previous Monthly Low: 0.7014
Previous Daily Fibonacci 38.2%: 0.7127
Previous Daily Fibonacci 61.8%: 0.7113
Previous Daily Pivot Point S1: 0.7105
Previous Daily Pivot Point S2: 0.7066
Previous Daily Pivot Point S3: 0.7043
Previous Daily Pivot Point R1: 0.7167
Previous Daily Pivot Point R2: 0.719
Previous Daily Pivot Point R3: 0.7229