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TODAY AUDUSD SIGNAL : AUDUSD Price Analysis Bulls have the upper hand above 100-hour SMA/ascending channel confluence

TODAY AUDUSD SIGNAL

TODAY AUDUSD SIGNAL : AUDUSD Price Analysis Bulls have the upper hand above 100-hour SMA/ascending channel confluence

  • A combination of factors assisted AUD/USD to gain traction on Wednesday.
  • A goodish pickup in the USD demand kept a lid on any meaningful upside.
  • The formation of an upward sloping trend channel favours bullish traders.

TODAY AUDUSD SIGNAL : The AUD/USD pair edged higher on Wednesday and might now be looking to build on the overnight rebound from the vicinity of the mid-0.7000s support zone.

The Australian dollar drew support from the Reserve Bank of Australia’s hawkish signal that a bigger interest rate hike is still possible in June amid the upside risks to inflation. Adding to this, a modest bounce in the global risk sentiment further benefitted the risk sensitive aussie, though the emergence of some US dollar buying capped gains ahead of the FOMC minutes.

From a technical perspective, the recent strong recovery from the YTD low has been along an upward sloping channel, which points to a well-established short-term bullish trend. The lower boundary of the said trend channel coincides with the 100-hour SMA and should act as a pivotal point. This is closely followed by the 23.6% Fibonacci retracement of the 0.6829-0.7128 rally.

TODAY AUDUSD SIGNAL : A convincing break below the latter will be seen as a fresh trigger for bearish traders and prompt aggressive technical selling. The AUD/USD pair might then accelerate the downfall towards the 38.2% Fibo. level, around the 0.7015 region. The bearish trend could further get extended towards the 0.7000 psychological mark en-route the 50% Fibo. level near the 0.6980 area.

On the flip side, momentum beyond the weekly high, around the 0.7125 region, has the potential to lift spot prices to the ascending channel resistance, around the 0.7175-0.7180 zone. Some follow-through buying would mark a fresh bullish breakout and pave the way for a move beyond the 0.7200 round figure, towards testing the 200-day SMA, currently around the 0.7260-0.7265 area.

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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

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Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FIRST CAPITALS brand based on the legal requirements in his/her country of residence.  Please read FIRST CAPITALS’s full Risk Disclosure.

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