The AUD/USD currency pair was driven by downside risks during the first part of Monday's trading session. The move above 0.7537 was restricted by the 200– hour simple moving average.
As a result, bears push the currency pair down toward the lower boundary of an ascending channel. Despite technical indicators suggest bulls dominance over the pair could be in play during this session, the expected move has not occurred.
It is likely the Aussie tries to make a U-turn north; however, some important resistance level, namely, the 55– and the 100– hour SMAs and the weekly pivot point, still need to be surpassed to allow such moves. This might hinder the pair to make a new wave today.
As a result, bears push the currency pair down toward the lower boundary of an ascending channel. Despite technical indicators suggest bulls dominance over the pair could be in play during this session, the expected move has not occurred.
It is likely the Aussie tries to make a U-turn north; however, some important resistance level, namely, the 55– and the 100– hour SMAs and the weekly pivot point, still need to be surpassed to allow such moves. This might hinder the pair to make a new wave today.