FX.co ★ Technical analysis of AUD/USD for September 04, 2019

Overview:

The AUD/USD pair continues to move in an uptrend from the level of 0.6758 since yesterday.

Major support is seen at 0.6758, while immediate resistance is found at 0.6800.

The market is still indicating a strong bullish trend from the area of 0.6758. Besides, it should be noted that the support coincides with the ratio of 61.8% Fibonacci.

The bullish trend is still expected for the upcoming hours as long as the price is above 0.6758 levels. We confirm the bullish scenario in the 4-hour time frame.

We guess that the pair will be traded higher in the early session and try to reach the first resistance at the level of 0.6800.

The bias is neutral in the nearest term probably with a little bullish bias testing 0.6800 and 0.6823 area which needs to be clearly broken to the upside to keep the bullish scenario strong.

A clear break above that area (0.6800) could lead the price to the neutral zone in the nearest term testing 0.6823 and 0.6848.

Indicator:

• The bullish outlook remains the same as long as the RSI indicator is pointing to the upside on the one-hour chart.