AUDUSD Technical Analysis / Forex Technical Analysis

AUDUSD Technical Analysis – 12-September-2024

FxNews—The Australian dollar has been in a downtrend against the U.S. Dollar since August 29, when it reached the $0.682 mark. As of this writing, the AUD/USD currency pair trades at about $0.667, testing the 50-period simple moving average as resistance in the 4-hour chart.

The chart below demonstrates the price, critical support and resistance levels, and indicators used in today’s analysis.

The selling pressure from $0.682 has pushed the price below the 50- and 100-period simple moving averages, favoring the bears. However, the price has bounced from the $0.664 (August 14 High) critical resistance, which resulted in the Stochastic oscillator stepping into overbought territory, depicting 81 in the description.

AUDUSD Technical Analysis – 12-September-2024

The Awesome oscillator bars are green, and the histogram is about to flip above the signal line. This development in the AO indicator suggests that the bull market is strengthening.
The relative strength index indicator moves alongside the median line, meaning the market lacks momentum.

AUDUSD Technical Analysis – 12-September-2024

As for the harmonic pattern, interestingly, the 4-hour chart formed a bullish ABCD pattern, signaling an uptrend could be on the horizon.

Overall, the technical indicators suggest the primary trend is bearish, but it might have ended, and the AUD/USD pair can potentially become bullish.

AUDUSD Forecast – 12-September-2024

The key barrier for the bulls lies at the $0.670 mark, the August 22 low. Bulls (buyers) must close and stabilize prices above $0.670 for the current uptick momentum to resume.

In this scenario, the next bullish target could be $0.676, the September 9 High. Furthermore, if the buying pressure exceeds $0.676, the next resistance will be the August 2024 all-time high at $0.682.

Please note that the 100-period simple moving average will support the bullish scenario.

Also read GBP/USD Technical Analysis – 12-September-2024

AUDUSD Bearish Scenario – 12-September-2024

The immediate support rests at $0.664, the August 14 high. The downtrend can be triggered if the AUD/USD price dips below $0.664. If this scenario unfolds, the bearish wave that began in late August can potentially extend to $0.657, the August 7 high.

Furthermore, if the selling pressure exceeds $0.657, the next supply zone will be $0.651 (August 08 Low). Please note that the bearish scenario should be invalidated if the AUD/USD price closes and stabilizes above $0.670.

AUDUSD Support and Resistance Levels – 20-September-2024

Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.

Support: $0.664 / $0.657 / $0.651
Resistance: $0.670 / $0.676 / $0.682

Disclaimer: This technical analysis is for informational purposes only. Past performance is not necessarily indicative of future results. Foreign exchange trading carries significant risks and may not be suitable for all investors. Always conduct your research before making any investment decisions.