AUD/USD Technical Analysis: Aussie at key resistance as AUD/USD bulls challenge the 50-day simple moving average and multi-month trendline

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  • AUD/USD main bear trend is getting challenged as the Aussie is nearing the 50-day simple moving average (DMA) and the multi-month bear trendline from late January 2018.
  • AUD/USD bulls objective is to break above 0.7294-0.7307 zone (August 13 high, 50 DMA) in order to target 0.7383 August 21 high and 0.7485 July 10 high. 
  • The RSI, MACD and Stochastics indicators are bullishly configured which suggests a continuation of the upward momentum above the 0.7294-0.7307 zone. 

AUD/USD daily chart

Spot rate:                 0.7291
Relative change:      0.40%     
High:                        0.7292
Low:                         0.7253

Main trend:              Bearish
Short-term trend:     Bullish

Resistance 1:          0.7294-0.7307 August 13 high, 50 DMA
Resistance 2:          0.7383 August 21 high
Resistance 3:          0.7485 July 10 high

Support 1:               0.7255 August 13 low
Support 2:               0.7236 August 24 low
Support 3:               0.7200 figure August 15 low
Support 4:               0.7144 September 5 low
Support 5:               0.7085, 2018 low
Support 6:               0.7000 figure
Support 7:               0.6830 January 15, 2016 low 

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