- AUD/USD trades near 0.6435, holds above the 50- and 100-hour EMAs.
- The immediate resistance level for AUD/USD is seen at the 0.6445-0.6455 zone; 0.6418 acts as an initial support level.
- Relative Strength Index (RSI) stands in bullish territory above 50.
The AUD/USD pair attracts some buyers and bounced off the 0.6420 area during the early European session on Thursday. The pair currently trades around 0.6438, gaining 0.25% on the day. The newest Australian employment data have little impact on the Aussie and investors await the US economic data for fresh impetus.
According to the one-hour chart, AUD/USD holds above the 50- and 100-hour Exponential Moving Averages (EMAs) indicating that the path of least resistance for the pair is to the upside.
The immediate resistance level for AUD/USD is seen near the upper boundary of the Bollinger Band and a high of September 13 at the 0.6445-0.6455 zone. Further north, the 0.6500-0.6505 regions appear a tough nut to crack for Aussie bears. The mentioned level represents the confluence of a psychological round mark and a high of August 14. Any meaningful follow-through buying above the latter could pave the way to 0.6522 (high of August 15) and 0.6570 (high of August 9).
On the downside, the 100-hour EMA at 0.6418 acts as an initial support level. The key contention is located at the 0.6400-0.6405 region, representing the lower limit of the Bollinger Band and a psychological round figure. A decisive breach of the latter will see the next stop at 0.6380 (low of August 25) and finally at 0.6365 (low of August 17).
In the meantime, the Relative Strength Index (RSI) stands in bullish territory above 50, challenging the pair’s immediate upside for the time being.
AUD/USD one-hour chart
-638302689378369934.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD defends bid above 0.6650 after upbeat China's Caixin PMI
AUD/USD is defending a small bid above 0.6650 in the Asian session on Monday. The pair is off the highs even though China's Caixin Manufacturing PMI beat estimates with 51.8 in June. A sharp US Dollar recovery alongside the Treasury yields undermines the Aussie. US ISM PMI awaited.
EUR/USD holds gains near 1.0750 as France's far right leads first round of snap elections
EUR/USD holds gains near 1.0750 in Asian trading on Monday. The Euro rises as French exit polls point to the far-right National Rally (RN) party winning the first round of snap elections. Meanwhile, the US Dollar stays offered on renewed Fed rate cut bets after soft US PCE inflation data.
Gold attracts some sellers below $2,350 ahead of US PMI data
Gold price edges lower to $2,325 on Monday during the early Asian trading hours. The precious metal loses ground amid a continuation of the Federal Reserve’s cautious stance. Investors will keep an eye on the US June ISM PMI, which is expected to improve to 49.0 in June from 48.7 in May.
Over 1 million people hold at least one Bitcoin, here’s where BTC is headed
Bitcoin wallet addresses holding at least one Bitcoin has crossed 1 million, per Glassnode data on June 30. Majority of BTC holders are profitable at the current price and analysts predict a bull run in the largest asset by market capitalization.
French election: The far-right wins, but there’s a big test to come
The initial reaction to the first round of voting in the French Parliamentary election that took place on Sunday has been a small sigh of relief. EUR/USD has opened higher, and is up some 20 pips. Although Marine Le Pen’s National Rally party won the largest vote share, it was still short of an overall majority.