AUD/USD technical analysis: Goodish intraday recovery pauses near 200-hour SMA
- The AUD/USD pair held on to its goodish intraday recovery gains, albeit seemed struggling to extend the momentum further beyond 200-hour SMA.
- Positive trade-related headlines turned out to be a key factor behind the short-covering bounce while a goodish pickup in the USD demand capped gains.
Given that technical indicators have just started gaining positive traction, a sustained move beyond the mentioned barrier now seems to set the stage for a bullish move towards reclaiming the 0.6800 round figure mark.
However, bearish oscillators on the daily chart held investors from placing aggressive bets and kept a lid on any further appreciating move, though the downside now seems limited amid improving global risk sentiment.
Hence, any dips back below the 0.6750-45 horizontal support might now be seen as a buying opportunity and help limit any meaningful downfall ahead of RBA Deputy Governor Guy Debelle’s speech on Tuesday.
On the upside, the 0.6800 handle remains a key barrier, which if cleared will be seen as a key trigger for bulls and accelerate the up-move towards an intermediate resistance near mid-0.6800s en-route the 0.6900 handle.
AUD/USD 1-hourly chart
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Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
