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  • Improving global risk sentiment helped the pair to regain traction on Tuesday.
  • Bulls are likely to wait for a sustained move beyond 0.6840 confluence region.

The AUD/USD pair built on its goodish intraday positive move and is currently placed at three-day tops, around the 0.6830 region. Improving global risk sentiment was seen as one of the key factors driving flows towards perceived riskier currencies – like the aussie – and driving the pair higher through the early North-American session on Tuesday.
The pair has now climbed back closer to a previous confluence support breakpoint, comprising of 100-day SMA and over one-month-old ascending trend-line. A sustained move back above the mentioned support-turned-resistance might be seen as a key trigger for bullish traders and set the stage for a further near-term appreciating move.
Meanwhile, technical indicators on hourly charts have been gaining positive momentum and reinforce prospects for additional gains. However, oscillators on the daily chart have failed to gain any meaningful traction and warrant some caution before placing any aggressive bullish bets amid persistent US-China trade uncertainty.
On the flip side, any meaningful pullback below the 0.6800 handle might continue to find some support near the 0.6780 region, which if broken will reaffirm last week’s bearish break through the mentioned confluence support and accelerate the slide further towards challenging the 0.6700 mark with some intermediate support near the 0.6740-30 zone.