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Technical Analysis – AUDUSD gears up after disappointing US PMIs
April 23, 2024 3:27 pmVideo
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AUDUSD accelerates above 50-period SMA
A new barrier under examination is at 0.6585
Technical risk skewed to the upside
Australian CPI data due on Wednesday at 01:30 GMT
AUDUSD spiked to 0.6479 in the wake of weaker-than-expected US S&P Global business PMI figures, surpassing its 50-period exponential moving average (EMA), which had been capping bullish actions over the past couple of hours.
The 0.6485 constraining zone is currently under examination, and according to the technical indicators in the four-hour chart, the risk is still on the bullish side. The RSI has resumed its positive slope above its 50 neutral mark and the MACD is finally growing above its zero and signal lines, both reflecting improving buying appetite.
Should upside forces further strengthen, the door will open for the 200-period SMA at 0.6512, and then a tougher obstacle could emerge within the 0.6535-0.6566 trendline territory. A decisive close above the latter could be vital for an extension to 0.6585.
If the bullish action proves transitory, the price might initially seek support between its 50- and 20-period EMAs at 0.6455 and 0.6440, respectively. A step lower would dampen hopes for a bullish reversal, squeezing the price back to the 0.6390 support area. Additional losses from there might retest the 0.6360 low ahead of the critical almost-flat line, which joins the 2023 and 2022 lows at 0.6315.
In a nutshell, AUDUSD could stay on the positive path in the coming sessions, with the confirmation likely coming above 0.6485.
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