OctaFX | OctaFX Forex Broker
Open trading account
Back

AUD/USD Price Analysis: Nears 50-day SMA, seven-week-old support trendline

  • AUD/USD recovers after two days of declines.
  • Monthly bottom, 23.6% Fibonacci retracement offer additional barriers to the momentum.

AUD/USD bounces off 0.6873 to the intra-day high of 0.6884 by the press time early Monday. The pair is close to the short-term support confluence comprising 50-day SMA and an upward sloping trend line stretched from November 29.

While 0.6870 seems to be the tough nut to crack for sellers, a downtick below the same, as suggested by the bearish MACD, might not refrain from declining below the monthly low of 0.6848.

In doing so, 61.8% Fibonacci retracement of October-December upside, at 0.6810, will entertain sellers ahead of 0.6800 round-figure.

Alternatively, a 21-day SMA level of 0.6926 and 23.6% Fibonacci retracement near 0.6955 can please buyers during the pair’s further recovery.

However, 0.7000 and the monthly high near 0.7040/45 can keep the bulls challenged afterward.

AUD/USD daily chart

Trend: Pullback expected

 

PBOC sets Yuan reference rate at 6.8664

The People's Bank of China (PBOC) has set the Yuan reference rate at 6.8664 versus Friday's fix at 6.8878.
Read more Previous

PBOC keeps one-year loan prime rate steady at 4.15%

The People’s Bank of China (PBOC) announced on Monday that it kept the one-year loan prime rate (LPR) unchanged at 4.15% this month. Meanwhile, the fi
Read more Next
Start livechat