#AUDUSD @ 0.67381 takes the bids to refresh two-week high during five-day uptrend., @nehcap view: Further upside expected (Pivot Orderbook analysis)
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- AUD/USD takes the bids to refresh two-week high during five-day uptrend.
- RBA SoMP defends hawkish surprise by citing inflation woes; Fed’s dovish rate hike adds strength to Aussie pair’s run-up.
- Clear upside break of multi-day-old resistance line, now support, defends pair buyers.
- US employment report for April bears downbeat forecast, can please pair buyers on matching expectations.
The pair currently trades last at 0.67381.
The previous day high was 0.6706 while the previous day low was 0.664. The daily 38.2% Fib levels comes at 0.6681, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6666, expected to provide support.
AUD/USD pierces an 11-week-old resistance line amid broad US Dollar weakness, as well as due to the hawkish signals from the Reserve Bank of Australia (RBA), during early Friday. In doing so, the Aussie pair rises to a fresh high in two weeks, around 0.6735 by the press time, as market players await the key US jobs report for April.
That said, RBA’s quarterly Statement on Monetary Policy (SoMP), also known as the Monetary Policy Statement (MPS), showed readiness for further rate hikes and defended hawks after surprising markets with a 0.25% rate lift earlier in the week. Also positive for the AUD/JPY pair were the upbeat economic forecasts and statements citing inflation fears in the Pacific major, not to forget hopes for China’s upbeat economic growth.
Also read: RBA Monetary Policy Statement: Further rate hikes may be needed
Technically, the Aussie pair crosses a downward-sloping resistance line from the mid-February, now immediate support near 0.6725.
Adding strength to the upside bias is the strongest bullish MACD signal in three weeks, as well as an upbeat RSI (14) line, not overbought.
With this, the AUD/USD bulls appear well-set to refresh the multi-day high by approaching the 100-DMA hurdle of around 0.6790. Following that, April’s peak of near 0.6810 may gain the market’s attention.
On the flip side, a daily closing below 0.6725 will nullify the trend line breakout and can drag the Aussie pair towards a convergence of the 50-DMA and 21-DMA, close to 0.6680-85 as we write.
It’s worth noting that a one-week-old ascending trend line, around 0.6655, acts as an extra filter towards the south before giving control to the AUD/USD bears.
Trend: Further upside expected
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.6735 at the time of writing. Pair opened at 0.6693 and is trading with a change of 0.63% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6735 |
| 1 | Today Daily Change | 0.0042 |
| 2 | Today Daily Change % | 0.63% |
| 3 | Today daily open | 0.6693 |
The pair is trading above its 20 Daily moving average @ 0.6677, above its 50 Daily moving average @ 0.6683 , below its 100 Daily moving average @ 0.6788 and above its 200 Daily moving average @ 0.673
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6677 |
| 1 | Daily SMA50 | 0.6683 |
| 2 | Daily SMA100 | 0.6788 |
| 3 | Daily SMA200 | 0.6730 |
The previous day high was 0.6706 while the previous day low was 0.664. The daily 38.2% Fib levels comes at 0.6681, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6666, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.6653, 0.6614, 0.6587
- Pivot resistance is noted at 0.6719, 0.6746, 0.6785
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6706 |
| Previous Daily Low | 0.6640 |
| Previous Weekly High | 0.6706 |
| Previous Weekly Low | 0.6574 |
| Previous Monthly High | 0.6806 |
| Previous Monthly Low | 0.6574 |
| Daily Fibonacci 38.2% | 0.6681 |
| Daily Fibonacci 61.8% | 0.6666 |
| Daily Pivot Point S1 | 0.6653 |
| Daily Pivot Point S2 | 0.6614 |
| Daily Pivot Point S3 | 0.6587 |
| Daily Pivot Point R1 | 0.6719 |
| Daily Pivot Point R2 | 0.6746 |
| Daily Pivot Point R3 | 0.6785 |
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