Range Markets

  • AUD/USD picks up bids to refresh intraday high as bulls attack one-week-old horizontal resistance area.
  • Multiple strong supports defend buyers above monthly support line.

AUD/USD stays on the front foot around 0.7760, up 0.27% intraday, amid early Monday. In doing so, the aussie pair buyers attack a key resistance zone comprising multiple tops marked since mid-April.

Given the upbeat RSI and the pair’s sustained trading beyond 200 and 100-SMA confluence, AUD/USD buyers should remain hopeful of overcoming the 0.7760-65 hurdle.

Following that, 0.7785 may offer an intermediate halt during the run-up to refresh the monthly top of 0.7817. It should be noted that the 0.7800 threshold may act as an intermediate resistance.

Meanwhile, a seven-day-old support line near 0.7705, quickly followed by the 0.7700 round-figure, guards the quote’s short-term declines ahead of the stated SMA confluence near 0.7685.

If at all the AUD/USD sellers keep the reins past-0.7685, an ascending support line from April 01 around 0.7660 holds the gate for the pair’s south-run towards the sub-0.7600 area.


Leave a Reply

Your email address will not be published. Required fields are marked *