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6 Dec 2019
AUD/USD price analysis: Australian dollar bounces from daily lows, trades near 0.6840 level
- AUD/USD remains in range despite broad-based USD strength.
- The level to beat for bears is the 0.6821/14 support zone.
AUD/USD daily chart
AUD/USD is trading in a tight range just above the 50 and 100 simple moving averages (DMAs). Although the Nonfarm Payrolls (NFP) was way better than anticipated with 266k vs. 180k expected, AUD/USD didn’t react as dramatically as other currency pairs as it is still trading within familiar ranges.
AUD/USD four-hour chart
The aussie is consolidating the early December gains around the 200 SMA. After the London close, the market is trading below the 0.6836/43 resistance zone. However, in the event the spot breaks this area, the bulls could drive the market to the 0.6864 level, according to the Technical Confluences Indicator.
AUD/USD 30-minute chart
AUD/USD is trading above the main SMAs, suggesting bullish momentum in the near term. However, a break below the 0.6821/14 support zone could lead to 0.6800, 0.6779 and 0.6775 price levels.
Additional key levels