AUDUSD Price Analysis: Choppy above 0.6100, inside immediate falling wedge

AUDUSD Price Analysis: Choppy above 0.6100, inside immediate falling wedge

  • AUD/USD struggles near 11-year low.
  • Bullish MACD, technical pattern keeps buyers hopeful, weekly resistance adds a barrier to the upside.
  • The bears will look for fresh entry below the formation support, 0.6000 psychological magnet could be in focus then.

With fewer catalysts and quiet markets, AUD/USD seesaws within the 40 pips range, currently -0.04% to 0.6116, while heading into the European session on Tuesday.

Not only the choppy trading between 0.6100 and 0.6140 but bullish MACD and falling wedge technical pattern also keeps the buyers hopeful.

Though, a weekly descending trend line near 0.6270 will add filters to the pair’s confirmation of the bullish formation, which gets confirmed on the break of 0.6220.

Should buyers manage to dominate past-0.6270, 200-Hour Simple Moving Average (HMA) close to 0.6445 will be on their radars.

On the contrary, Monday’s low near 0.6080 and the pattern support surrounding 0.6055 can stop the bears below 0.6100. However, a sustained fall under 0.6055 might not hesitate to challenge 0.6000 mark.

AUD/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 0.612
Today Daily Change 1 pip
Today Daily Change % 0.02%
Today daily open 0.6119

 

Trends
Daily SMA20 0.653
Daily SMA50 0.6687
Daily SMA100 0.6778
Daily SMA200 0.6815

 

Levels
Previous Daily High 0.6307
Previous Daily Low 0.6079
Previous Weekly High 0.6686
Previous Weekly Low 0.6122
Previous Monthly High 0.6775
Previous Monthly Low 0.6434
Daily Fibonacci 38.2% 0.6166
Daily Fibonacci 61.8% 0.622
Daily Pivot Point S1 0.603
Daily Pivot Point S2 0.594
Daily Pivot Point S3 0.5802
Daily Pivot Point R1 0.6258
Daily Pivot Point R2 0.6396
Daily Pivot Point R3 0.6486

 

 

 


Source: FxStreet

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