AUD/USD gains 0.34% on positive sentiment, defying a negative housing market report impact.
Neutral bias with an upside tilt; breach of 200-DMA at 0.6579 may target 0.6600 and 0.6639.
Downside risks include 200-DMA at 0.6579 and the January 17 low of 0.6523 before testing 0.6500.
The Australian Dollar (AUD) registers solid gains from the US Dollar (USD) amid an upbeat market mood following the release of an improvement in consumer sentiment and a bad housing market report. At the time of writing, the AUD/USD exchanges hands at 0.6373, gains 0.34%.
The daily chart portrays the pair as neutral biased, though tilted to the upside, after breaking above the 200-day moving average (DMA) at 0.6579. Further upside is seen at 0.6600, followed by the 50-day moving average (DMA) at 0.6639. Once surpassed, the next stop would be the January 12 cycle high at turned resistance at 0.6728.
For a bearish resumption, AUD/USD first support would be the 200-DMA at 0.6579, followed by the January 17 daily low of 0.6523. A drop below that level, and sellers could challenge the 0.6500 figure
AUD/USD Price Action – Daily Chart
AUD/USD Technical Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXStreet – https://www.fxstreet.com/news/aud-usd-price-analysis-hurdles-200-dma-and-turns-bullish-eyeing-06600-202401192303
