AUD/USD technical analysis: The Aussie erases intraday gains as the market settles near 0.6860

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  • AUD/USD remains confined in a narrow range as the bulls failed to move beyond 0.6875 resistance.
  • The level to beat for bears is the 0.6850 support.
 

AUD/USD daily chart

 
The Aussie is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs). However, the bulls had a sharp rebound in September as the market reached the 50 SMA at the 0.6858 level.

AUD/USD 4-hour chart

 
The Aussie is trading above the main simple moving averages (SMAs), suggesting bullish momentum in the near term. Buyers need a daily close above 0.6875 if they intend to extend the bull move. Further up lie 0.6890 and 0.6910 resistance levels, according to the Technical Confluences Indicator.
 

AUD/USD 30-minute chart

 
The Aussie erased its intraday gains as the market is now trading just below 0.6861 and the 50/100 SMAs. The market has been flat in the last three sessions. If bears breach 0.6850 support, it can open the door to further losses towards 0.6839 and 0.6825, according to the Technical Confluences Indicator. 
 
 

Additional key levels

 

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