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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

AUD/USD

Overview:
    Today Last Price: 0.7137
    Today Daily change: -7.0 pips
    Today Daily change %: -0.0980%
    Today Daily Open: 0.7144
Trends:
    Previous Daily SMA20: 0.7102
    Previous Daily SMA50: 0.7186
    Previous Daily SMA100: 0.7183
    Previous Daily SMA200: 0.7341
Levels:
    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

 

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