AUD/USD outlook: Holds in extended consolidation above strong supports

Slobodan Drvenica Windsor Brokers

AUD/USD

AUDUSD remains in extended consolidation around the base of thick daily cloud (0.6538), and above pivotal Fibo support at 0.6528 (61.8% of 0.6362/0.6798), following a steep fall in past nine days.

Bears are taking a breather on stretched daily studies, but remain in play (strong negative momentum, MA’s in full bearish configuration and creating a number of bear crosses) and look for firm break through significant supports at 0.6538/28, which will unmask targets at 0.6500/0.6465 (round-figure/Fibo 76.4%).
Upticks so far remain below upper pivot at 0.6586 (200DMA).

Markets await release of US Consumer confidence and JOLTS data for fresh signals.

Res: 0.6568; 0.6586; 0.6603; 0.6631.
Sup: 0.6528; 0.6500; 0.6465; 0.6407.

Interested in AUD/USD technicals? Check out the key levels

1. R3 0.6614
2. R2 0.6591
3. R1 0.657
PP 0.6547
1. S1 0.6526
2. S2 0.6503
3. S3 0.6482

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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