- AUD/USD is likely to continue moving in a range between 0.7150-0.7220.
- The 50 EMA is moving above the 200 EMA, which adds to the filters to the upside.
- The uptrend line from 0.7051 will continue to provide support for the pair.
The AUD/USD pair is looking to consolidate in a range of 0.7150-0.7220 for the next few trading sessions. On Monday, the pair has opened with an opening gap around 0.7161 amid gloomy market sentiment.
In the 1 hour chart, AUD/USD has found support several times near the uptrend line drawn from the Feb 4 low of 0.7051, now at 0.7150. The pair is moving higher after finding pullbacks near the mentioned trend line. The 50 and 200 period EMAs have turned flat while the former is above the latter, showing that a bullish bias is still intact.
The RSI (14) has moved in a tight range between 40-60 after a volatile move last week, from reading around 74 corresponding to Wednesday’s high and around 20 corresponding to Thursday’s low.
Taking filters and current price action into account, a tight move caught in a range is likely in today’s session.
Looking up, the bulls have to break above the 200 EMA and Monday’s high around 0.7194. Further up, buyers would target the trend line at 0.7218 and Friday’s high at 0.7237.
AUD/USD 1 hour chart
AUD/USD additional levels
Source: Fx Street
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