AUD/USD: Bulls Extend Bounce Off 200-SMA, Key Hurdle At 0.6960
Filatov Arthur | Aug 08, 2022 01:32AM ET
AUD/USD picks up bids to refresh the intraday high near 0.6930, extending the previous day’s rebound from the 200-SMA during early Monday morning in Europe. In addition to the U-turn from the key moving average, the recent run-up in the RSI (14) from oversold territory and sluggish MACD also teases the buyers.
However, a confluence of the 50-SMA and one-week-old descending resistance line, around 0.6960 by the press time, challenges AUD/USD bulls. A north-run towards the 0.7000 thresholds and then to the monthly peak near 0.7050 can’t be ruled out.
On the contrary, a downside break of the 0.6880 support level, comprising the 200-SMA, should recall the AUD/USD sellers. That said, the 50% Fibonacci retracement of the July-August upside is near 0.6860. Overall, AUD/USD prices signal further recovery moves. However, bulls await a clear upside break of 0.6960 to retake control.
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