Forex Trading: AUDUSD Technical Analysis – Febuary 24, 2020
It’s the new nice start of the last week of February after the very long time, Australian dollar (AUD) inched higher against the US dollar and today it’s more than 0.6500 put its level. It is assumed that this could happen because of the positive results of the Australian Commonwealth manufacturing. AUDUSD is hoped to continue its growth and cover the loss it has suffered since the start of the year. As fas as the technical bias are concerned so it remains bearish because of the higher low trend shown in the last upside move of the graph.
AUD/USD: Technical Analysis
Today, the AUDUSD has been marketed at a price of 0.6592, This has been figured out, that on the upper side of the price may be pressured by the number of resistance levels which bring a further challenge in the already encumbered AUDUSD journey as it may not allow this to continue its improvement. The first resistance is at 0.6690, the confluence of the level of Fibonacci and the trendline, and soon afterward another resistance of 0.6755 at 23.6% Fib level, and then the highest horizontal resistance is at 0.6808.
On the opposite side, minimal levels of help are given for AUDUSD. The first quick trendline support at 0.6585 is below the price then the psychological number is at 0.6550, and then the key horizontal support at 0.6527 supports the price of this pair.
Manufacturing Purchasing Managers Index (PMI)
The Manufacturing Purchasing Managers Index (PMI) published by both Australia’s Commonwealth Bank and the Markit Economics measures business conditions in the manufacturing sector. On February 21, 2020, it rose from 49.6 to 49.8, although its little increase in it but the Manufacturing PMI is an important indicator of business conditions and overall economic conditions in Australia. A result above 50 signals is bullish for the AUD, whereas a result below 50 is seen as bearish.
Even though the AUDUSD itself has inched higher, but not openly available to bid for the investment challenges so avoiding that would be the wise decision.