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25 Oct 2022

AUD/USD Price Analysis: Stays firmer past 0.6300 inside bullish channel

  • AUD/USD renews intraday high while reversing the pullback from two-week top.
  • Firmer MACD, RSI joins a sustained bounce off 200-HMA to favor bulls.
  • Sellers need validation from 0.6250 to retake control.

AUD/USD picks up bids to refresh intraday high near 0.6330 during Tuesday’s Asian session. In doing so, the Aussie pair extends the previous day’s bounce off the 200-HMA while staying firmer inside a weekly bullish channel.

That said, the AUD/USD pair’s latest run-up aims for the 50% Fibonacci retracement level of October 04-13 downside, near 0.6360.

However, a convergence of the stated channel’s upper line and the 61.8% Fibonacci retracement, also known as the golden ratio, around 0.6410, appears a tough nut to crack for the pair buyers.

Should the quote rises past 0.6410, the 0.6500 round figure may act as a buffer during the anticipated run-up toward the monthly high of 0.6547.

Alternatively, pullback moves need to conquer the 200-HMA support of 0.6288 to convince intraday sellers of the AUD/USD.

Even so, the aforementioned bullish channel can challenge the bears unless the quote stays beyond 0.6250.

Following that, the yearly low of 0.6170 and the April 2020 bottom around 0.5980 will gain the market’s attention.

Overall, AUD/USD remains on the buyer’s radar unless breaking 0.6250. However, the upside room appears limited.

AUD/USD: Hourly chart

Trend: Further upside expected

 

Oct 25, 2022

GBP/JPY Price Analysis: Failure to break 170.00 will exacerbate a fall towards 165.00

The GBP/JPY meanders around 168.36 as the Asian session begins, following a huge volatile Monday trading session, with the GBP/JPY registering a daily
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Oct 25, 2022

EUR/GBP aims to test weekly highs at 0.8780 as UK Political optimism fades, ECB eyed

The EUR/GBP pair is concluding its time correction move to near 0.8740 and is aiming to test weekly highs at 0.8781. The cross is picking up bids as c
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