AUD/USD Outlook: Bulls Cracked Pivotal Barriers But Without Clear Break For Now

Technical analysis of Forex market

Fresh upside attempts resulted in posting new six-week high at 0.6884 on Wednesday, but probes above pivotal barriers at 0.6870/79 (55DMA / 50% retracement of 0.7082/0.6677) were so far short-lived.

Fresh risk sentiment keeps the Aussie afloat and offsets negative impact from downbeat Australia’s consumer sentiment (Sep -1.7% vs Aug 3.6%).

Rising bullish momentum on daily chart conflicts overbought stochastic, which was presented in Tuesday’s tight Doji candle, signaling indecision.

– advertisement –

Repeated failure under 55DMA would increase risk extended consolidation / pullback, while close above 0.6870/79 would generate initial signal of bullish continuation.

US PPI data, due later today, would provide fresh signals.

Res: 0.6870, 0.6879, 0.6906, 0.6927
Sup: 0.6848, 0.6831, 0.6797, 0.6780

Recommend professional Forex robots