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Technical Outlook: AUDUSD Remains In Range Between 100 And 20SMA’s, Awaiting Stronger Direction Signal

The Australian dollar moved higher on Friday after falling the previous day but remains without clear direction as near-term action continues to move in range between 100SMA (0.7771) and 20SMA (0.7834). Multiple attempts to break out of the range were so far unsuccessful, suggesting the pair needs stronger catalyst for fresh direction signal. Mixed signals from daily chart supports directionless near-term mode, however, strong bearish momentum and thick daily cloud which limited recent recovery attempts, keep the structure bearishly aligned. US jobs data are focused for firmer signal and could put the Aussie under increased pressure on strong release today. Bears need firm break below 100SMA to generate negative signal and spark fresh weakness towards pivots at 0.7742 (cracked Fibo 61.8% of 0.7500/0.8135 rally) and 0.7712 (01 Mar low). Bullish scenario requires penetration of daily cloud and firm break above 20SMA to spark stronger recovery.

Res: 0.7817, 0.7836, 0.7878, 0.7893
Sup: 0.7771, 0.7756, 0.7742, 0.7712

Windsor Brokers Ltd
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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