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  • AUD/USD bounces back towards 0.7750 ahead of US data.
  • The aussie wavers within a symmetrical triangle formation on the 1H chart.  
  • 0.7725 is the level to beat for the AUD bears, as DXY attempts a comeback.  

AUD/USD  is reversing losses on the 0.7700 level, having defended  the key support near 0.7725 so far this Friday.

The spot stalled its corrective decline from monthly highs of 0.7762, as the US dollar staged a comeback earlier in the Asian session.

The risk-off mood, in the face of mixed Chinese data and geopolitical tensions, also collaborated with the downtick in the aussie, especially with the S&P 500 futures posting small losses after the record highs.

Markets now await the US macro news and the sentiment on Wall Street for fresh trading directives.

AUD/USD: Technical outlook

On the hourly chart, the spot is wavering in a symmetrical triangle, having challenged the lower boundary of the formation at 0.7727, where the upward-sloping 50-hourly moving average (HMA) coincides.

The bulls are now looking to recapture the horizontal 21-HMA resistance at 0.7745 to revive the upbeat momentum.

The Relative Strength Index (RSI) has turned north once again above the midline, backing the renewed optimism in the major.

The buyers would then target the monthly tops, beyond which a test of the 0.7800 level remains on the cards.

AUD/USD: Hourly  chart

Alternatively, a sustained break below the abovementioned triangle support would validate the bearish breakdown, calling for a test of the 0.7700 support area.

The next stop for the AUD bears is seen at the April 14 low of 0.7634.

AUD/USD: Additional levels

 

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