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AUD/USD – Will the resistance level stop the positive momentum

AnalyticsTrade Team
AnalyticsTrade Team Last updated on 1 Jan 2023
Category: AUD/USD
AUDUSD analysis

Table of Contents

The AUD/USD closed the month and the year positively. However, the price is still below the recent swing high of 0.6963. Meanwhile, the bullish engulfing bar in the immediate background threatens the recent rally.

The bullish crossover between the 50-day and 100-day moving averages is a positive sign for the pair. Moreover, the price is above the 20-day SMA as well. However, the pair is below the 200-day SMA, pointing lower.

Fundamentally, the AUD/USD price could be dominated by the US nonfarm payroll data due next week. Stronger data may dump the Aussie buyers.

Key levels for AUD/USD

Support1: 0.6750

Support2: 0.6640

Support3: 0.6585

Resistance1: 0.6965

Resistance2: 0.7020

Resistance3: 0.7100

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