AUDUSD Recover Early Losses, Bulls Target 0.69
AUDUSD managed to recover earlier losses today after the escalation in Midle East and the spike in oil prices and turned higher for tenth consecutive session adding 0.02% at 0.6881 close to 2-month highs despite disappointing macro data from China.
AUDUSD trades above the 50-day moving average (0.6852) for the fourth day, but the price has stalled at 50% Fibonacci retracement of the drop from July highs at 0.7081 to August lows of 0.6680. The short term technical outlook is positive. AUDUSD needs a convincing break above 0.6888 that might push prices up to 0.6901 the 100-day moving average. On the downside, first support for AUDUSD stands at 0.6858 today’s low, then at 0.6806 the low from September 6th, more bids will emerge at 0.6738 the lower band of the August consolidation area (yellow rectangular in the chart), which if breached will open the way for a visit down to 0.6688 the low from August 26th.