Market Analysis: AUD/USD Trim Gains, Are Bears Back?
Market Analysis: AUD/USD Trim Gains, Are Bears Back?
AUD/USD declined below the 0.6720 and 0.6700 support levels.
Important Takeaways for AUD/USD Analysis Today
- The Aussie Dollar started a fresh decline from well above the 0.6700 level against the US Dollar.
- There is a connecting bearish trend line forming with resistance at 0.6660 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear the 0.6765 zone. The Aussie Dollar started a fresh decline below the 0.6720 support against the US Dollar.
The pair even settled below 0.6700 and the 50-hour simple moving average. There was a clear move below 0.6670. A low was formed at 0.6640 and the pair is now consolidating losses. On the upside, an immediate resistance is near the 0.6660 level.
There is also a connecting bearish trend line with resistance at 0.6660. The next major resistance is near the 23.6% Fib retracement level of the downward move from the 0.6767 swing high to the 0.6641 low at 0.6670, above which the price could rise toward 0.6700.
Any more gains might send the pair toward the 61.8% Fib retracement level of the downward move from the 0.6767 swing high to the 0.6641 low at 0.6720. A close above the 0.6720 level could start another steady increase in the near term.
The next major resistance on the AUD/USD chart could be 0.6765. On the downside, initial support is near the 0.6640 zone. The next support sits at 0.6620. If there is a downside break below 0.6620, the pair could extend its decline. The next support could be 0.6550. Any more losses might send the pair toward the 0.6500 support.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
AUD/USD declined below the 0.6720 and 0.6700 support levels.
Important Takeaways for AUD/USD Analysis Today
- The Aussie Dollar started a fresh decline from well above the 0.6700 level against the US Dollar.
- There is a connecting bearish trend line forming with resistance at 0.6660 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear the 0.6765 zone. The Aussie Dollar started a fresh decline below the 0.6720 support against the US Dollar.
The pair even settled below 0.6700 and the 50-hour simple moving average. There was a clear move below 0.6670. A low was formed at 0.6640 and the pair is now consolidating losses. On the upside, an immediate resistance is near the 0.6660 level.
There is also a connecting bearish trend line with resistance at 0.6660. The next major resistance is near the 23.6% Fib retracement level of the downward move from the 0.6767 swing high to the 0.6641 low at 0.6670, above which the price could rise toward 0.6700.
Any more gains might send the pair toward the 61.8% Fib retracement level of the downward move from the 0.6767 swing high to the 0.6641 low at 0.6720. A close above the 0.6720 level could start another steady increase in the near term.
The next major resistance on the AUD/USD chart could be 0.6765. On the downside, initial support is near the 0.6640 zone. The next support sits at 0.6620. If there is a downside break below 0.6620, the pair could extend its decline. The next support could be 0.6550. Any more losses might send the pair toward the 0.6500 support.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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