The AUD/USD currency pair has transitioned from a bearish outlook earlier in the day to a more bullish stance during the U.S. trading session. Buyers successfully drove the pair above the 100- and 200-hour moving averages, hovering around the levels of 0.6495 to 0.6497. This movement has shifted the near-term technical outlook upward, providing a more optimistic perspective for traders.
During the session, the AUD/USD reached a high of 0.6517 and has since been consolidating just below this level. Intraday support has formed around 0.6508, which could serve as a crucial benchmark for future price movements. As the new trading day approaches, buyers will need to extend their momentum by breaking through the ceiling at 0.65239. This level has consistently capped rallies since October 13, and surpassing it is essential for further upward movement.
Technical Analysis of the AUD/USD Pair
A move beyond 0.65239 would redirect traders’ focus toward the 100-day moving average at 0.65338, a significant barrier last breached on October 10. This level has been tested unsuccessfully three days later, leading to a decline to the October low of 0.64398. Although price fluctuations have been noticeable since then, the recent push above the hourly moving averages is a positive indicator for bullish traders.
Despite this promising shift, the potential for a sustained breakout above the 100-day moving average remains critical. A failure to achieve this could result in a retracement below the 100- and 200-hour moving averages, which would likely disappoint buyers who were encouraged by today’s upward movement.
As traders monitor these key levels, the dynamics of the AUD/USD pair will continue to evolve. The interplay of buying momentum and resistance points will play a crucial role in determining the pair’s trajectory in the coming days. The outlook remains cautiously optimistic, contingent on the ability to maintain upward momentum and break critical barriers.
