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AUD/USD Price Analysis: Aussie jumps to 50-hour SMA, prints double bottom on 1H

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  • AUD/USD recovers to key hurdle as S&P 500 futures bounce from session lows. 
  • The pair has printed a double bottom pattern on the hourly chart.

The AUD/USD pair has recovered to the 50-hour simple moving average (SMA) of 0.6872 from the session low of 0.6850, tracking the positive turn in the S&P 500 futures. 

With the bounce from session lows, the pair has established a double bottom pattern on the hourly chart with the neckline resistance at 0.6875. 

Acceptance above that level would confirm the breakout and open the doors to 0.6905 (target as per the measured move method). Further gains, however, may remain elusive, as the rising number of coronavirus cases in the US and other parts of the world will likely cap the upside in the stock markets. 

The S&P 500 futures, which were down nearly 0.5% in early Asia, are now reporting a 0.15% gain. The futures had gapped lower, pushing AUD/USD down to 0.6850 as global virus cases rose above 10 million over the weekend. 

Hourly chart

AUD/USD Price Analysis: Aussie jumps to 50-hour SMA, prints double bottom on 1H

Trend: Bullish above 0.6875

Technical levels

AUD/USD

Overview
Today last price 0.6869
Today Daily Change 0.0003
Today Daily Change % 0.04
Today daily open 0.6866
Trends
Daily SMA20 0.6903
Daily SMA50 0.6653
Daily SMA100 0.6503
Daily SMA200 0.6667
Levels
Previous Daily High 0.6897
Previous Daily Low 0.6839
Previous Weekly High 0.6975
Previous Weekly Low 0.6811
Previous Monthly High 0.6683
Previous Monthly Low 0.6372
Daily Fibonacci 38.2% 0.6861
Daily Fibonacci 61.8% 0.6875
Daily Pivot Point S1 0.6838
Daily Pivot Point S2 0.681
Daily Pivot Point S3 0.678
Daily Pivot Point R1 0.6895
Daily Pivot Point R2 0.6925
Daily Pivot Point R3 0.6953

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Keeping a close eye out for this pairing!

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