- AUD/USD bulls eye a scalping opportunity for a fresh cycle high in today's Asian session.
- Weekly and daily resistance could be a tough nut to crack on the way to 0.76 the figure.
AUD/USD has been an impressive run of late to the upside and there are prospects of higher highs within this current bullish cycle. However, we have both weekly and daily resistances surrounding 0.76 the figure, but a scalping opportunity is taking shape on the 1hour and 150min time frames for the session ahead.
AUD/USD daily chart
The price has moved higher in a fresh daily impulse which could equate to further upside to challenge the 0.7650s in the coming days. However, chasing the price at this stage is risky for there is yet to be a significant pull back into 10 and 21 moving averages:
As illustrated, there is a meanwhile resistance at this juncture when looking all the way back to the end of 2020. Also, more often than not, we get a convergence of the price with the EMAs shortly after such a breakout from where bulls might want to engage on signs of stabilisation and bullish tendencies in the price action.
AUD/USD weekly chart
The weekly chart illustrates the resistance more clearly. The price has filled in last week's wick and faces 0.7600 psychological resistance.
However, from an hourly perspective, there are prospects of a scalp to the upside and to test the current daily support as follows:
AUD/USD 1HR chart
AUD/USD bulls are moving in on the correction of the hourly bullish impulse. Should there be a break of the 0.7545 level, bulls will be looking for an optimal entry point, potentially on a restest of 15-min structure as follows:
As illustrated, there are prospects of a bullish reverse head and shoulders in the making. A break of the neckline and restest could be where bulls will be interested to enter for a run into the 0.7560s for the Asian session. Retail Sales is going to be a potential mover today.
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
EUR/USD rises above 1.0850 while remaining in overbought territory
The EUR/USD pair gains ground for the third successive session, trading around 1.0860 during the Asian hours on Tuesday. A technical examination of the daily chart indicates a bearish breakout as the pair breaks below an ascending channel pattern.
GBP/USD maintains position near 1.2900 as concerns over US economic growth persist
The GBP/USD pair recovers recent losses from the previous session, trading around 1.2890 during Asian hours on Tuesday. The pair edges higher as the US Dollar struggles amid concerns that tariff policy uncertainty could push the US economy into recession.
Gold price sticks to modest intraday gains amid weaker risk tone; remains below $2,900
Gold price rebounds from a one-week low and draws support from a combination of factors. Global trade war fears and geopolitical risks continue to underpin the safe-haven commodity. Fed rate cut bets keep the USD depressed and further benefit the non-yielding XAU/USD pair.
The crypto market cap dips to $2.44 trillion while Mt. Gox moves 11,833 BTC worth $932 million
The crypto market continued its ongoing downleg as the week started, as its market cap capitalization reached a low of $2.44 trillion on Tuesday, levels not seen since early November.
Gold price sticks to modest intraday gains amid weaker risk tone; remains below $2,900
Gold price rebounds from a one-week low and draws support from a combination of factors. Global trade war fears and geopolitical risks continue to underpin the safe-haven commodity. Fed rate cut bets keep the USD depressed and further benefit the non-yielding XAU/USD pair.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.