AUD/USD is currently trading sideways following the recent drop from 0.7124. The pair is currently trading at 0.6787 with immediate support levels at 0.6779 and 0.6760. The near-term resistance levels are at 0.6810 and 0.6822. Although the ongoing trend remains bearish, a hammer and Doji patterns at the bottom may help bulls to make a recovery move in the coming days. A couple of technical indicators are also indicating the oversold condition.
AUD/USD Technical Outlook
The RSI and Bollinger Bands are currently presenting a neutral picture of the AUD/USD. The MACD is below the zero line and favors the bears, while the ATR indicates low volatility. The 20, 50, and 100 periods moving averages stay above the current market price.
| Stochastic | Bollinger Bands | ATR | MACD | RSI |
| oversold (16) | Neutral (0.6786) | 0.0073 (Volatility down) | below Zero (0.00.40) | 40 (neutral) |
ATR (Average True Range) indicates market volatility and is ideal for initiating a trade. Get Grid trading signals and Straight Trading signals from the FXDatapanel Platform. A Free 10-day demo account is also available.
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AUD/USD Short-term Support and Resistance levels
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 0.6779 | 0.6760 | 0.6748 | 0.6810 | 0.6822 | 0.6841 |
In short, Support and resistance represent such market levels from where the price is likely to move in the opposite direction.
AUD/USD Pivot Points
| 1 hour | 4 hours | Daily | Weekly | Monthly |
| 0.6792 | 0.6808 | 0.6791 | 0.6845 | 0.6938 |
In trading, a pivot point is a significant price level that traders use as an indicator for future market movement. This pivot point is the average of significant prices from the market’s move during the prior trading session. You can set the indicator to calculate the pivot point using open, low, high, or close.
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AUD/USD Trading Ranges
AUD/USD Daily Trading Range: 0.6777 – 0.6832
AUD/USD Weekly Trading Range: 0.6773 – 0.6823
AUD/USD Monthly Trading Range: 0.6771 – 0.6855
AUD/USD Yearly Trading Range: 0.6681 – 0.7661
AUD/USD Trading Idea – 05-SEP-2022
Currently, a small recovery pattern at the bottom is building up, which may not transform into a complete recovery move, but a few upwards rallies may take place, and that makes the pair ideal for buy entries using the following levels. may well
Signal Direction: Buy
Signal Timeframe: Daily
Entry: 0.6786
Stop-loss: 0.6736
Take Profit: 0.6886
AUD/USD Upcoming Levels to Monitor
The 0.6787 is the immediate hurdle, and bulls must breach above this level to continue moving upwards. On the downside, an intraday closing below 0.6748 will further strengthen the bears, and the chances of a significant drop will be higher this week.
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