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AUD/USD technical analysis: 21-DMA, 23.6% Fibo. question buyers

2019-06-21 11:05

  • The Aussie pair carries previous strength on commodity rally, led by Gold.

  • A 21-day simple moving average (21-DMA) and 23.6% Fibonacci retracement of recent five-month decline cap the upside.



With the extend run-up of commodity prices, more specifically Gold’s surge to 69 months high, the AUD/USD pair manages to remain strong around a week’s top while taking the rounds to 0.6930 during early Friday.



However, the 0.6931/40 area comprising 21-DMA and 23.6% Fibonacci retracement acts as an immediate challenge for the buyers.



On the upside break of 0.6940, early-month lows near 0.6960/65 and 50-DMA level of 0.6980 may come back on the chart.



Should bulls hold the reins past-0.6980, 38.2% Fibonacci retracement near 0.7010 and 0.7050 can become their favorites.



Meanwhile, 0.6900 and 0.6860 holds the pair for the pair’s drop towards revisiting month’s low near 0.6830.



AUD/USD daily chart





Trend: Pullback expected





 


This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.

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