Market Analysis: AUD/USD Set Sights on Additional Upside
Market Analysis: AUD/USD Set Sights on Additional Upside
AUD/USD started a decent increase above the 0.6655 resistance.
Important Takeaways for AUD/USD Analysis Today
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair formed a base above 0.6585. The Aussie Dollar started a decent increase above the 0.6630 resistance against the US Dollar, as mentioned in the previous analysis.
The bulls pushed the pair above the 0.6655 resistance zone. There was a close above the 0.6685 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6715 zone. A high was formed at 0.6714 before the pair corrected gains.
It tested the 0.6655 zone and is currently consolidating gains. There was a fresh increase above the 23.6% Fib retracement level of the downward move from the 0.6714 swing high to the 0.6654 low.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near the 50% Fib retracement level of the downward move from the 0.6714 swing high to the 0.6654 low at 0.6685. The first major resistance might be 0.6715.
An upside break above the 0.6715 resistance might send the pair further higher. The next major resistance is near the 0.6750 level. Any more gains could clear the path for a move toward the 0.6800 resistance zone.
If not, the pair might correct lower. Immediate support is near a major bullish trend line at 0.6670. The next support could be 0.6655. If there is a downside break below the 0.6655 support, the pair could extend its decline toward the 0.6630 zone. Any more losses might signal a move toward 0.6585.
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 started a decent increase above the 0.6655 resistance.
Important Takeaways for AUD/USD Analysis Today
- The Aussie Dollar found support at 0.6585 and recovered higher against the US Dollar.
- There is a major bullish trend line forming with support at 0.6670 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 0.6585. The Aussie Dollar started a decent increase above the 0.6630 resistance against the US Dollar, as mentioned in the previous analysis.
The bulls pushed the pair above the 0.6655 resistance zone. There was a close above the 0.6685 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6715 zone. A high was formed at 0.6714 before the pair corrected gains.
It tested the 0.6655 zone and is currently consolidating gains. There was a fresh increase above the 23.6% Fib retracement level of the downward move from the 0.6714 swing high to the 0.6654 low.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near the 50% Fib retracement level of the downward move from the 0.6714 swing high to the 0.6654 low at 0.6685. The first major resistance might be 0.6715.
An upside break above the 0.6715 resistance might send the pair further higher. The next major resistance is near the 0.6750 level. Any more gains could clear the path for a move toward the 0.6800 resistance zone.
If not, the pair might correct lower. Immediate support is near a major bullish trend line at 0.6670. The next support could be 0.6655. If there is a downside break below the 0.6655 support, the pair could extend its decline toward the 0.6630 zone. Any more losses might signal a move toward 0.6585.
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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