The Australian dollar is pressing higher against the U.S. dollar after rebounding from the lower boundary of a rising parallel channel. Price remains above both the 50-day and 200-day SMAs, with the latter recently reclaimed — a bullish sign for medium-term trend strength.
The pair is now testing the 61.8% Fibonacci retracement of the July 2023–April 2024 decline at 0.6558, which has been a sticky resistance zone. A clean break above this level would put the upper boundary of the channel — currently near 0.6670 — in focus.
Indicators:
MACD is flat but on the verge of turning higher, suggesting early signs of renewed momentum.
RSI is at 56, pointing to modest bullish momentum with room to run before reaching overbought territory.
Key Levels:
Resistance: 0.6558 (Fibonacci), followed by the channel top near 0.6670.
Support: 0.6480 (channel base and 50-day SMA), then 0.6409 (200-day SMA).
Conclusion:
AUD/USD is holding within a constructive channel pattern with support from key moving averages. A sustained break above 0.6558 would confirm bullish continuation toward the upper end of the range. Traders may look for confirmation through momentum indicators and daily close strength.
-MW
The pair is now testing the 61.8% Fibonacci retracement of the July 2023–April 2024 decline at 0.6558, which has been a sticky resistance zone. A clean break above this level would put the upper boundary of the channel — currently near 0.6670 — in focus.
Indicators:
MACD is flat but on the verge of turning higher, suggesting early signs of renewed momentum.
RSI is at 56, pointing to modest bullish momentum with room to run before reaching overbought territory.
Key Levels:
Resistance: 0.6558 (Fibonacci), followed by the channel top near 0.6670.
Support: 0.6480 (channel base and 50-day SMA), then 0.6409 (200-day SMA).
Conclusion:
AUD/USD is holding within a constructive channel pattern with support from key moving averages. A sustained break above 0.6558 would confirm bullish continuation toward the upper end of the range. Traders may look for confirmation through momentum indicators and daily close strength.
-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.