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28 Oct 2019
AUD/USD technical analysis: Bull trap ahead of RBA's Governor Lowe speech
- The Aussie is trading off daily highs ahead do the RBA's (Reserve Bank of Australia) Governor Lowe speech.
- The level to beat for bears is the 0.6833 support level.
AUD/USD daily chart
The Aussie is trading in a downtrend below the 100 and 200-day simple moving averages (DMAs) on the daily chart. RBA's Governor Lowe is going to deliver a speech at 6:45 GMT. The event can potentially lead to high volatility on AUD-related currency pairs.
AUD/USD 4-hour chart
The spot is trading above its 100 and 200 SMAs suggesting bullish momentum in the medium term. Bulls will try to overcome the 0.6849 resistance to reach the 0.6870 level. Further up lies the 0.6895 level, according to the Technical Confluences Indicator.
AUD/USD 30-minute chart
AUD/USD is trading above its main SMAs on the 30-minute chart, suggesting a bullish bias in the near term. However, it seems that prices found no acceptance above 0.6850, suggesting that some bulls got trapped. If the spot break below 0.6833, the market might trade down to the 0.6809 support level.
Additional key levels