AUDUSD technicals
The AUDUSD pair is up 0.50% on the day, supported by stronger commodities and a softer U.S. greenback. Gold is greater by $54 (1.52%), whereas silver has gained 0.86%, each lending tailwinds to the Aussie.
From a technical perspective, the AUDUSD briefly broke above a swing space between 0.65889 and 0.65946 earlier within the session, reaching a excessive of 0.65981. Nonetheless, momentum stalled, and the pair has since slipped again beneath the decrease fringe of that zone at 0.65889. Notably, Friday’s rally additionally stalled at this similar swing space, the place sellers stepped in and capped the upside. The repeated failure to maintain a break greater leaves patrons disillusioned and offers sellers with a contemporary alternative to lean in opposition to resistance, betting on a flip decrease.
On the draw back, the primary assist stage to observe is the August 14 swing excessive at 0.6567. A transfer beneath that will goal the September 1 swing excessive at 0.6559. Breaking each ought to invite further draw back momentum as failed patrons flip to the promote facet.
If the patrons are in a position to regroup and lengthen again above the swing space excessive at 0.65946, we should always see further momentum with the excessive value from July at 0.66247 as the subsequent main goal. That stage represents the excessive for the 12 months and the best stage going again to November 2024.
