AUD/USD surrendered a major part of early gains to multi-week tops. The intraday pullback found decent support ahead of 50-hour SMA. The set-up favours bulls and supports prospects for additional gains. The AUD/USD pair failed to capitalize on its early uptick to five-week tops and started retreating from the vicinity of 61.8% Fibonacci of the 0.7041-0.5509 downfall. The intraday pullback once again managed to attract some dip-buying ahead of 50-hour SMA, which now seems to act as a key pivotal point for short-term traders. Meanwhile, technical indicators on hourly charts have eased from the overbought territory and maintained their positive bias on the daily chart, favouring bulls. Moreover, the recent positive move over the past three weeks or so has been along an ascending trend-channel, which adds credence to the constructive outlook. Hence, any subsequent fall below the mentioned support, currently around the 0.6370 region, might still be seen as a buying opportunity and help limit the downside. Below the mentioned support, the pair is likely to accelerate the fall further towards the 0.6335 intermediate support before eventually dropping to the 0.6300 mark. AUD/USD 1-hourly chart Techincal levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next S&P 500 New York Price Forecast: The bullish recovery remains intact FX Street 2 years AUD/USD surrendered a major part of early gains to multi-week tops. The intraday pullback found decent support ahead of 50-hour SMA. The set-up favours bulls and supports prospects for additional gains. The AUD/USD pair failed to capitalize on its early uptick to five-week tops and started retreating from the vicinity of 61.8% Fibonacci of the 0.7041-0.5509 downfall. The intraday pullback once again managed to attract some dip-buying ahead of 50-hour SMA, which now seems to act as a key pivotal point for short-term traders. Meanwhile, technical indicators on hourly charts have eased from the overbought territory and maintained their positive… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
