AUDUSD Experiences Correction Amidst Bullish Trends

The AUDUSD currency pair has shown a correction in its trading pattern while maintaining a bullish bias. Last week, the pair found support just above its 100-day moving average and the 50% retracement level near 0.7070, allowing buyers to push the price higher. The initial upward movement saw the AUDUSD revisit the August 17 high of approximately 0.7129 before entering a consolidation phase. A subsequent rise was supported by a climbing 100-hour moving average and a surge in commodity prices, particularly gold, which contributed to the pair reaching a peak of 0.7180.

Despite the recent correction, the trading range for the AUDUSD has remained relatively narrow, around 23 pips, indicating that sellers have not yet gained significant control. Interestingly, the AUDUSD has declined even as gold prices have continued to rise, reaching $4,672, marking a $70 increase or 1.51%. This is the highest level for gold since mid-May, with a key upside target set at $4,768.

Technically, the bullish outlook for the AUDUSD remains intact as long as it stays above the 100-hour moving average at 0.71262 and the August 17 high. A drop below these levels could shift the momentum in favor of sellers, with the next downside target being the 200-hour moving average near 0.7103. For now, buyers retain a stronger technical position, although the recent inability to extend gains amidst rising gold prices warrants close monitoring.

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Source: KLEA News