AUDUSD Hovers Around 50 Day MA After Business Confidence Disappointment

AUDUSD consolidates around 2-month highs, giving up 0.05% lower today at 0.6858 after National Australia Bank’s Business Confidence came in at 1 in August from previous 4.

AUDUSD hovers around 0.6860 the 50-day moving average and as we mention in our previous technical analysis for AUDUSD needs to break above 0.6864 to attract more bids. The technical outlook is bullish for the short term and only a return inside the rectangular will cancel the recent bullish momentum. On the hourly chart the pair is finding support at 50-hour moving average. On the downside first support stands at 0.6849 today’s low, then at 0.6829 the 100-hour moving average, more bids will emerge at 0.6738 the lower band of the consolidation area, which if breached will open the way for a visit down to 0.6688 the low from August 26th. On the upside immediate resistance stands at 0.6868 today’s high while more offers will emerge at 0.6907 the 100-day moving average.Don’t miss a beat! Follow us on Telegram and Twitter.

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