AUDUSD Price Analysis: Off session top, 200-hour EMA limit upside below 0.6000

AUDUSD Price Analysis: Off session top, 200-hour EMA limit upside below 0.6000

  • AUD/USD steps back from the one-week high.
  • The short-term rising trend line keeps buyers hopeful.
  • 50% and 61.8% Fibonacci retracement will be on the bulls’ radars during further upside.

AUD/USD steps back from one-week high to 0.5965 during Wednesday’s Asian session. In doing so, the pair registers failure to cross 200-hour EMA while staying above the ascending trend line since March 19, 2020.

While buyers are waiting for a sustained break above the EMA level, at 0.5990 now, 0.6000 round-figure will also act as the immediate upside barrier.

Should there be a clear run-up past-0.6000, 50% and 61.8% Fibonacci retracements of the pair’s declines between March 09 and 19, respectively around 0.6100 and 0.6240, will lure the buyers.

Alternatively, sellers will seek entry below the short-term support line, currently at 0.5850, to aim for a 23.6% Fibonacci retracement level of 0.5785.

In a case where the bears dominate past-0.5785, 0.5660 will be in the spotlight as it holds the key to the pair’s plunge towards 0.5500.

AUD/USD hourly chart

hourly audusd

Trend: Bullish

Additional important levels

Overview
Today last price 0.5961
Today Daily Change 3 pips
Today Daily Change % 0.05%
Today daily open 0.5958

 

Trends
Daily SMA20 0.6294
Daily SMA50 0.6563
Daily SMA100 0.6716
Daily SMA200 0.6783

 

Levels
Previous Daily High 0.5976
Previous Daily Low 0.5806
Previous Weekly High 0.6307
Previous Weekly Low 0.5509
Previous Monthly High 0.6775
Previous Monthly Low 0.6434
Daily Fibonacci 38.2% 0.5911
Daily Fibonacci 61.8% 0.5871
Daily Pivot Point S1 0.585
Daily Pivot Point S2 0.5743
Daily Pivot Point S3 0.568
Daily Pivot Point R1 0.602
Daily Pivot Point R2 0.6083
Daily Pivot Point R3 0.619

 

 

 


Source: FxStreet

 

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