Home Forex The 200-DMA hurdles and turns bullish, with 0.6600 in sight

The 200-DMA hurdles and turns bullish, with 0.6600 in sight

by SuperiorInvest


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  • AUD/USD gains 0.34% on positive sentiment, defying the negative impact of the housing market report.
  • Neutral bias with upward bias; breach of 200-DMA at 0.6579 may target 0.6600 and 0.6639.
  • Downside risks include the 200-DMA at 0.6579 and the January 17 low of 0.6523 before testing 0.6500.

The Australian dollar (AUD) is making solid gains American dollar (USD) amid upbeat market sentiment following the release of improving consumer sentiment and poor housing market news. At the time of writing, AUD/USD is exchanging hands at 0.6373, a gain of 0.34%.

The daily chart shows the pair as neutrally biased, albeit tilted to the upside, after breaking above the 200-day moving average (DMA) at 0.6579. Further upside is seen at 0.6600, followed by the 50-day moving average (DMA) at 0.6639. After a breakout, the next stop would be the January 12 cycle at inverted resistance at 0.6728.

For a bearish recovery, AUD/USD’s first support would be the 200-DMA at 0.6579, followed by the January 17 daily low of 0.6523. A drop below this level and sellers could attack the 0.6500 level

AUD/USD Price Action – Daily Chart

AUD/USD Technical Levels

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