#AUDUSD @ 0.69296 A cheerful market mood has strengthened the Australian Dollar. (Pivot Orderbook analysis)

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• A cheerful market mood has strengthened the Australian Dollar.
• North-side sloping 20-and 50-EMAs add to the upside filters.
• The RSI (14) has shifted into the bullish range of 60.00-80.00, which indicates that bullish momentum is active now.

The pair currently trades last at 0.69296.

The previous day high was 0.6887 while the previous day low was 0.6722. The daily 38.2% Fib levels comes at 0.6824, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6785, expected to provide support.

The AUD/USD pair is displaying a sideways auction around the immediate hurdle of 0.6930 in the Asian session. The Aussie asset is expected to continue its upside journey amid sheer volatility in the US Dollar Index (DXY). The USD Index has dropped below 103.25, at the time of writing, and is expected to refresh its six-month low below the critical support of 103.00 amid a risk-appetite theme.

S&P500 futures have carry-forwarded Friday’s strength as investors see a slowdown in the policy tightening pace by the Federal Reserve (Fed) ahead. Meanwhile, the 10-year US Treasury yields dropped to 3.56%.

On a four-hour scale, the Aussie asset has delivered an upside break of the horizontal resistance plotted from December 13 high around 0.6880, which has turned into support now. Also, the breakout of the Rising Channel chart pattern indicates the strength of the Australian Dollar.

Upward-sloping 20-and 50-period Exponential Moving Averages (EMAs) at 0.6833 and 0.6800 respectively add to the upside filters.

Also, the Relative Strength Index (RSI) (14) has delivered a breakout into the bullish range of 60.00-80.00, which indicates that the upside momentum has been triggered.

After a juggernaut rally, a corrective to near December 13 high around 0.6880 would be an optimal buy for investors, which will drive the major towards Monday’s high at 0.6930, followed by the psychological resistance at 0.7000.

On the contrary, a downside move below December 29 low at 0.6710 will drag the major further toward December 22 low at 0.6650 followed by November 21 low at 0.6585.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6928 at the time of writing. Pair opened at 0.6884 and is trading with a change of 0.64 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.6755, 50 SMA 0.6684, 100 SMA @ 0.6635 and 200 SMA @ 0.6846.

The previous day high was 0.6887 while the previous day low was 0.6722. The daily 38.2% Fib levels comes at 0.6824, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6785, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6775, 0.6666, 0.661
• Pivot resistance is noted at 0.694, 0.6996, 0.7104

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