FxNews—The Australian dollar trades bullish against the U.S. dollar above the 50—and 100-period simple moving averages. The Aussie bounced from $0.683 (September 19 High) resistance today, and as of writing, it has tried to stabilize itself above the $0.687 resistance.
The AUD/USD daily chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis.
AUDUSD Technical Analysis – 26-September-2024
The Awesome Oscillator’s recent bar turned green. The histogram is above the signal line, strengthening the bull market. Furthermore, the relative strength index signals buy by returning above the median line.
On the other hand, the Stochastic oscillator contradicts other technical tools. The indicator depicts 36 in description and declines, which is interpreted as the bear market gaining more momentum.
Overall, the technical indicators suggest the primary trend is bullish and should resume.
AUDUSD Forecast – 26-September-2024
The primary trend is bullish, and the immediate support rests securely near the 50-period simple moving average at $0.682. The uptrend will likely continue if the AUD/USD price holds above $0.682. The next bullish target in this scenario could be the $0.697 mark.
Please note that the bull market should be invalidated if the AUD/USD price dips below the $0.676 mark, a supply zone backed by the 100-period simple moving average.
AUDUSD Support and Resistance Levels – 26-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: $0.682 / $0.676 / $0.669
- Resistance: $0.692
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
