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MTrading Team • 2023-10-30

AUDUSD begins eventful week on a front foot, 0.6380 eyed

AUDUSD begins eventful week on a front foot, 0.6380 eyed

AUDUSD prints a three-day winning streak on upbeat Australia Retail Sales for September during the initial trading hours of an eventful week comprising the FOMC and US NFP. In doing so, the Aussie pair extends the previous week’s rebound from a monthly support line while also justifying the bullish MACD signals and the upbeat RSI (14) line. With this, the pair buyers are confident while planning the battle with the 0.6380-85 resistance confluence comprising the 200-SMA and descending trend lines stretched from late September, as well as from early October. Also acting as the upside filter is the previous weekly high of around 0.6400 and the monthly peak surrounding 0.6450, a break of which will give control to the bulls.

On the contrary, the 0.6300 round figure restricts the short-term downside of the AUDUSD pair. Following that, a slightly rising support line from early October, close to 0.6290 at the latest, will act as the final defense of the Aussie pair buyers. It’s worth noting that the monthly trough near 0.6270 will also challenge the sellers before allowing them to target the previous yearly bottom close to 0.6190.

Overall, the AUDUSD pair remains in the recovery mode but the upside momentum needs validation from the 0.6380-85 hurdle and the scheduled key fundamental data/events.

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