Market Analysis: AUD/USD Sight Steady Increase
Market Analysis: AUD/USD Sight Steady Increase
AUD/USD is attempting a recovery wave from 0.6590.
Important Takeaways for AUD/USD Analysis Today
- The Aussie Dollar found support near 0.6590 and is now recovering against the US Dollar.
- There was a break above a key bearish trend line with resistance at 0.6630 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair dipped from the 0.6700 resistance zone. The Aussie Dollar declined below 0.6660, but the bulls were active near 0.6600 against the US Dollar.
A low was formed near 0.6590 and the pair is now correcting losses. There was a move above the 50% Fib retracement level of the downward move from the 0.6704 swing high to the 0.6585 low. There was also a break above a key bearish trend line with resistance at 0.6630.
The pair is now above 0.6660 and the 50-hour simple moving average. On the upside, immediate resistance is near the 76.4% Fib retracement level of the downward move from the 0.6704 swing high to the 0.6585 low at 0.6675.
The first major resistance is near a rising channel at 0.6705. A clear upside break above 0.6705 could send the pair toward 0.6750. The next major resistance on the AUD/USD chart is near 0.6780, above which the price could rise toward 0.6800. Any more gains might send the pair toward 0.6820.
On the downside, initial support is near 0.6660. The next support could be the 0.6630 zone or the 50-hour simple moving average. Any more losses might send the pair toward the 0.6590 support.
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AUD/USD is attempting a recovery wave from 0.6590.
Important Takeaways for AUD/USD Analysis Today
- The Aussie Dollar found support near 0.6590 and is now recovering against the US Dollar.
- There was a break above a key bearish trend line with resistance at 0.6630 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair dipped from the 0.6700 resistance zone. The Aussie Dollar declined below 0.6660, but the bulls were active near 0.6600 against the US Dollar.
A low was formed near 0.6590 and the pair is now correcting losses. There was a move above the 50% Fib retracement level of the downward move from the 0.6704 swing high to the 0.6585 low. There was also a break above a key bearish trend line with resistance at 0.6630.
The pair is now above 0.6660 and the 50-hour simple moving average. On the upside, immediate resistance is near the 76.4% Fib retracement level of the downward move from the 0.6704 swing high to the 0.6585 low at 0.6675.
The first major resistance is near a rising channel at 0.6705. A clear upside break above 0.6705 could send the pair toward 0.6750. The next major resistance on the AUD/USD chart is near 0.6780, above which the price could rise toward 0.6800. Any more gains might send the pair toward 0.6820.
On the downside, initial support is near 0.6660. The next support could be the 0.6630 zone or the 50-hour simple moving average. Any more losses might send the pair toward the 0.6590 support.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
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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