“¢ The pair stalled its strong upsurge ahead of an important confluence resistance, comprising of 100-day SMA and 23.6% Fibonacci retracement level of the 0.8136-0.7021 YTD decline.
“¢ A goodish USD rebound, following the release of stronger than expected US monthly jobs, was seen as one of the key factors prompting some long-unwinding trade from five-week tops.
“¢ However, given that the pair has found acceptance above 50-day SMA, for the first time since early April, support prospects for an extension of the recovery move from over 32-month lows.
“¢ Technical indicators on the daily chart have just started catching up with the recent positive momentum and were seen cooling off near-term overbought conditions on hourly charts.
“¢ The set-up clearly points to possibilities of some dip-buying interest and adds credence to the constructive outlook, which should help limit any immediate sharp downfall.
AUD/USD daily chart
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AUD/USD
Overview:
Last Price: 0.7219
Daily change: 13 pips
Daily change: 0.180%
Daily Open: 0.7206
Trends:
Daily SMA20: 0.7098
Daily SMA50: 0.7168
Daily SMA100: 0.7274
Daily SMA200: 0.7495
Levels:
Daily High: 0.7214
Daily Low: 0.7072
Weekly High: 0.7128
Weekly Low: 0.702
Monthly High: 0.724
Monthly Low: 0.702
Daily Fibonacci 38.2%: 0.716
Daily Fibonacci 61.8%: 0.7126
Daily Pivot Point S1: 0.7114
Daily Pivot Point S2: 0.7022
Daily Pivot Point S3: 0.6972
Daily Pivot Point R1: 0.7256
Daily Pivot Point R2: 0.7306
Daily Pivot Point R3: 0.7397
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