AUD/USD Aim Steady Recovery
AUD/USD is attempting a recovery wave from 0.6285.
Important Takeaways for AUD/USD Analysis Today
· The Aussie Dollar found support near 0.5870 and is now recovering against the US Dollar.
· There is a key rising channel forming with resistance near 0.6385 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair recovered above 0.6450. However, the Aussie Dollar failed to clear 0.6500 and started a fresh decline against the US Dollar.
The pair declined below the 0.6385 support. Finally, the bulls appeared near the 0.6285 zone. A low was formed near 0.6285 and the pair is now correcting losses. There was a move above the 23.6% Fib retracement level of the downward move from the 0.6500 swing high to the 0.6285 low.
The pair is now above 0.6350 and the 50-hour simple moving average. On the upside, an immediate resistance is near the 50% Fib retracement level of the downward move from the 0.6500 swing high to the 0.6285 low at 0.6385.
The first major resistance is near a rising channel at 0.6450. A clear upside break above 0.6450 could send the pair toward 0.6500. The next major resistance on the AUD/USD chart is near 0.6550, above which the price could rise toward 0.6620. Any more gains might send the pair toward 0.6650.
On the downside, initial support is near the channel trend line at 0.6350. The next support could be the 0.6325. Any more losses might send the pair toward the 0.6285 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.
Important Takeaways for AUD/USD Analysis Today
· The Aussie Dollar found support near 0.5870 and is now recovering against the US Dollar.
· There is a key rising channel forming with resistance near 0.6385 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair recovered above 0.6450. However, the Aussie Dollar failed to clear 0.6500 and started a fresh decline against the US Dollar.
The pair declined below the 0.6385 support. Finally, the bulls appeared near the 0.6285 zone. A low was formed near 0.6285 and the pair is now correcting losses. There was a move above the 23.6% Fib retracement level of the downward move from the 0.6500 swing high to the 0.6285 low.
The pair is now above 0.6350 and the 50-hour simple moving average. On the upside, an immediate resistance is near the 50% Fib retracement level of the downward move from the 0.6500 swing high to the 0.6285 low at 0.6385.
The first major resistance is near a rising channel at 0.6450. A clear upside break above 0.6450 could send the pair toward 0.6500. The next major resistance on the AUD/USD chart is near 0.6550, above which the price could rise toward 0.6620. Any more gains might send the pair toward 0.6650.
On the downside, initial support is near the channel trend line at 0.6350. The next support could be the 0.6325. Any more losses might send the pair toward the 0.6285 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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