The Australian Dollar remains in an upward-sloping channel against the U.S. Dollar on the daily timeframe. Price action has recently bounced from channel support near 0.6500, a key psychological and technical level, and is attempting to regain traction within the structure.
The 61.8% Fibonacci retracement of the July 2023 – April 2024 decline at 0.6558 is currently acting as resistance, coinciding with the upper half of the rising channel. A break above this could see momentum extend toward the 78.6% retracement zone near 0.6730.
The 50-day SMA is crossing above the 200-day SMA, forming a golden cross—typically a bullish continuation signal—though price is slightly below both moving averages, implying short-term indecision.
From an indicator perspective:
RSI hovers around 50, showing a neutral bias and confirming the consolidation phase.
MACD is flat and converging near the zero line, signaling weakening momentum and a possible pause or reversal.
A daily close below channel support could expose the 0.6450–0.6400 zone next, while sustained strength above 0.6558 could re-ignite bullish interest targeting the 0.6700–0.6730 region.
Overall, AUD/USD remains technically constructive as long as the channel holds, but traders should watch closely for a breakout or breakdown confirmation from current levels.
-MW
The 61.8% Fibonacci retracement of the July 2023 – April 2024 decline at 0.6558 is currently acting as resistance, coinciding with the upper half of the rising channel. A break above this could see momentum extend toward the 78.6% retracement zone near 0.6730.
The 50-day SMA is crossing above the 200-day SMA, forming a golden cross—typically a bullish continuation signal—though price is slightly below both moving averages, implying short-term indecision.
From an indicator perspective:
RSI hovers around 50, showing a neutral bias and confirming the consolidation phase.
MACD is flat and converging near the zero line, signaling weakening momentum and a possible pause or reversal.
A daily close below channel support could expose the 0.6450–0.6400 zone next, while sustained strength above 0.6558 could re-ignite bullish interest targeting the 0.6700–0.6730 region.
Overall, AUD/USD remains technically constructive as long as the channel holds, but traders should watch closely for a breakout or breakdown confirmation from current levels.
-MW
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.