Technical Analysis – AUDUSD trapped between key levels ahead of RBA
September 4, 2023 3:27 pm
AUDUSD could not successfully jump above its 20-day simple moving average (SMA) and the 0.6480 barrier last week despite securing a strong foothold around the 2020 support trendline for the third time since the pandemic fallout.
The technical indicators keep trending upwards, reflecting persisting buying interest, though buyers might wisely wait for a clear extension above 0.6480 before they lift the price into the 0.6570-0.6615 constraining zone. If the latter proves easy to pass through, the pair could next stall within the 0.6700-0.6730 area. Then, all eyes will turn to the descending trendline from April 2022 at 0.6800, which has rejected bullish actions three times so far in 2023.
If the 0.6480 bar stands firm, the pair could re-examine the long-term ascending trendline at 0.6400. A step lower could produce a quick decline to 0.6280. Snapping that floor, the bears might head for the 0.6200 mark and the 30-month low of 0.6169 registered in almost a year ago.
In brief, AUDUSD is within a neutral zone, trapped between the 0.6480 resistance and the support trendline at 0.6400. Any moves out of this region could direct the market accordingly.
AUDUSD could not successfully jump above its 20-day simple moving average (SMA) and the 0.6480 barrier last week despite securing a strong foothold around the 2020 support trendline for the third time since the pandemic fallout.
The technical indicators keep trending upwards, reflecting persisting buying interest, though buyers might wisely wait for a clear extension above 0.6480 before they lift the price into the 0.6570-0.6615 constraining zone. If the latter proves easy to pass through, the pair could next stall within the 0.6700-0.6730 area. Then, all eyes will turn to the descending trendline from April 2022 at 0.6800, which has rejected bullish actions three times so far in 2023.
If the 0.6480 bar stands firm, the pair could re-examine the long-term ascending trendline at 0.6400. A step lower could produce a quick decline to 0.6280. Snapping that floor, the bears might head for the 0.6200 mark and the 30-month low of 0.6169 registered in almost a year ago.
In brief, AUDUSD is within a neutral zone, trapped between the 0.6480 resistance and the support trendline at 0.6400. Any moves out of this region could direct the market accordingly.
Related Posts: