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10 Sep 2020

AUD/USD Price Analysis: Eases from weekly falling channel resistance to attack 100-HMA

  • AUD/USD refreshes intraday low after stepping back from 0.7287.
  • 100-HMA, 61.8% Fibonacci retracement can question short-term sellers.
  • 200-HMA adds to the upside barriers beyond the 0.7300 threshold.
  • Australia’s Consumer Inflation Expectations ease from 3.3% to 3.1% for September.

AUD/USD takes offers around 0.7265, down 0.25% on a day, during the early Thursday. While weakness the latest Aussie data, as well as risk-reset, can be counted as fundamental catalysts behind the quote’s pullback, a short-term falling channel since September 04 plays its technical role.

However, 100-HMA questions the pairs’ further downside around 0.7260 ahead of the 61.8% Fibonacci retracement level of August 25-30 upside, near 0.7250.

Although the bears are likely to recede control around 0.7250, their further dominance will aim for the 0.7200 round-figures ahead of refreshing the monthly low while visiting the channel’s support near 0.7175.

Meanwhile, an upside clearance of the channel resistance of 0.7285 will have to cross the 200-HMA level of 0.7305 before allowing the bulls to retake controls.

In doing so, 0.7340 and 0.7380 could gain market attention before the previous month’s top, also the multi-month peak, surrounding 0.7415.

AUD/USD hourly chart

Trend: Pullback expected

 

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