Market Analysis: AUD/USD Poised For Fresh Gains
Market Analysis: AUD/USD Poised For Fresh Gains
AUD/USD is attempting a fresh increase from the 0.6715 support.
Important Takeaways for AUD/USD Analysis Today
- The Aussie Dollar found support at 0.6715 and recovered higher against the US Dollar.
- There is a major bearish trend line forming with resistance at 0.6740 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair formed a base above 0.6715. The Aussie Dollar started a decent recovery wave above the 0.6725 resistance against the US Dollar, as mentioned in the previous analysis.
The bulls pushed the pair above the 23.6% Fib retracement level of the downward move from the 0.6793 swing high to the 0.6714 low. However, the pair is still below the 50-hour simple moving average.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near the 0.6740 zone. There is also a major bearish trend line forming with resistance at 0.6740.
The first major resistance might be 0.6755 and the 50% Fib retracement level of the downward move from the 0.6793 swing high to the 0.6714 low. An upside break above the 0.6755 resistance might send the pair further higher.
The next major resistance is near the 0.6775 level. Any more gains could clear the path for a move toward the 0.6795 resistance zone.
If not, the pair might correct lower. Immediate support sits near the 0.6725 level. The next support could be 0.6715. If there is a downside break below the 0.6715 support, the pair could extend its decline toward the 0.6660 zone. Any more losses might signal a move toward 0.6640.
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 is attempting a fresh increase from the 0.6715 support.
Important Takeaways for AUD/USD Analysis Today
- The Aussie Dollar found support at 0.6715 and recovered higher against the US Dollar.
- There is a major bearish trend line forming with resistance at 0.6740 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair formed a base above 0.6715. The Aussie Dollar started a decent recovery wave above the 0.6725 resistance against the US Dollar, as mentioned in the previous analysis.
The bulls pushed the pair above the 23.6% Fib retracement level of the downward move from the 0.6793 swing high to the 0.6714 low. However, the pair is still below the 50-hour simple moving average.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near the 0.6740 zone. There is also a major bearish trend line forming with resistance at 0.6740.
The first major resistance might be 0.6755 and the 50% Fib retracement level of the downward move from the 0.6793 swing high to the 0.6714 low. An upside break above the 0.6755 resistance might send the pair further higher.
The next major resistance is near the 0.6775 level. Any more gains could clear the path for a move toward the 0.6795 resistance zone.
If not, the pair might correct lower. Immediate support sits near the 0.6725 level. The next support could be 0.6715. If there is a downside break below the 0.6715 support, the pair could extend its decline toward the 0.6660 zone. Any more losses might signal a move toward 0.6640.
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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