Forex News

09:01:32 28-03-2023

AUD/USD Price Analysis: 100-EMA probes Aussie bulls inside monthly triangle

  • AUD/USD grinds higher around intraday top, braces for the biggest daily gains in over a week.
  • Upbeat MACD signals keeps buyers hopeful but 200-EMA holds the gate for bear’s exit.
  • Aussie pair sellers remain off the table beyond 0.6650.

AUD/USD seesaws around the intraday high of around 0.6700 as the bulls jostle with the 100-bar Exponential Moving Average (EMA) during early Tuesday. In doing so, the Aussie pair grinds higher within a three-week-old symmetrical triangle.

It’s worth noting that the bullish MACD signals favor AUD/USD pair buyers to cross the immediate 100-EMA resistance of around 0.6700.

However, the 200-EMA hurdle of 0.6736 could act as an additional upside filter for the pair buyers before pushing back the bears.

Above all, the monthly high near 0.6785 appears the last defense of the AUD/USD bears.

Alternatively, pullback moves remain elusive unless the quote stays inside the aforementioned triangle, currently between 0.6710 and 0.6645.

Should the quote remains downbeat past 0.6645, a slump toward the monthly low of 0.6564 can’t be ruled out. During the fall, the 0.6700 round figure may act as an intermediate halt.

Overall, AUD/USD lures buyers but the upside momentum needs validation from the 200-EMA hurdle.

On a different page, a pause in the market’s risk-on mood seems to challenge the AUD/USD buyers, apart from the aforementioned technical indicators.

AUD/USD: Four-hour chart

Trend: Limited upside expected


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