AUD/USD technical analysis: Struggles to find acceptance above 50% Fibo. level

The AUD/USD pair continued with its struggle to find acceptance above 50% Fibonacci level of the 0.7082-0.6671 downfall and quickly retreated few pips  |  22/10/2019 09:22
  • Bulls failed to capitalize on the early uptick to fresh one-month tops.
  • Technical set-up points to a further near-term appreciating move.

The AUD/USD pair continued with its struggle to find acceptance above 50% Fibonacci level of the 0.7082-0.6671 downfall and quickly retreated few pips from fresh one-month tops set earlier this Tuesday.
 
The positive momentum once again faltered near the 0.6880-90 region, coinciding with a previous congestion zone, which should now act as a key pivotal point and help determine the pair's near-term trajectory.
 
Slightly overbought conditions on hourly charts seemed to be the only factor prompting some profit-taking at higher levels, albeit bullish oscillators on the daily chart support prospects for additional gains.
 
Hence, any pullback below 100-day SMA resistance breakpoint – around the 0.6855 region – is likely to attract some dip-buying interest and help limit the downside near the 0.6830-25 region (38.2% Fibo. level).
 
On the flip side, sustained strength beyond the mentioned barrier has the potential to lift the pair beyond the 0.6900 round figure mark towards testing the next hurdle marked by 61.8% Fibo. level, near the 0.6925 region.

AUD/USD daily chart

fxsoriginal

 

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