Market Analysis: AUD/USD Under Fire, Deeper Losses Ahead?
Market Analysis: AUD/USD Under Fire, Deeper Losses Ahead?
AUD/USD declined below the 0.6350 and 0.6250 support levels.
Important Takeaways for AUD/USD Analysis Today
- The Aussie Dollar started a fresh decline from well above the 0.6300 level against the US Dollar.
- There is a connecting bearish trend line forming with resistance at 0.6175 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 0.6300 zone. The Aussie Dollar started a fresh decline below the 0.6250 support against the US Dollar.
The pair even settled below 0.6220 and the 50-hour simple moving average. There was a clear move below 0.6200. A low was formed at 0.6139 and the pair is now consolidating losses. On the upside, an immediate resistance is near the 0.6175 level.
There is also a connecting bearish trend line forming with resistance at 0.6175. It is close to the 23.6% Fib retracement level of the downward move from the 0.6288 swing high to the 0.6139 low.
The next major resistance is near the 0.6210 zone or the 50% Fib retracement level of the downward move from the 0.6288 swing high to the 0.6139 low, above which the price could rise toward 0.6290. Any more gains might send the pair toward the 0.6320 resistance.
A close above the 0.6320 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6400.
On the downside, initial support is near the 0.6140 zone. The next support sits at 0.6120. If there is a downside break below 0.6120, the pair could extend its decline. The next support could be 0.6050. Any more losses might send the pair toward the 0.6000 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 0.6350 and 0.6250 support levels.
Important Takeaways for AUD/USD Analysis Today
- The Aussie Dollar started a fresh decline from well above the 0.6300 level against the US Dollar.
- There is a connecting bearish trend line forming with resistance at 0.6175 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 0.6300 zone. The Aussie Dollar started a fresh decline below the 0.6250 support against the US Dollar.
The pair even settled below 0.6220 and the 50-hour simple moving average. There was a clear move below 0.6200. A low was formed at 0.6139 and the pair is now consolidating losses. On the upside, an immediate resistance is near the 0.6175 level.
There is also a connecting bearish trend line forming with resistance at 0.6175. It is close to the 23.6% Fib retracement level of the downward move from the 0.6288 swing high to the 0.6139 low.
The next major resistance is near the 0.6210 zone or the 50% Fib retracement level of the downward move from the 0.6288 swing high to the 0.6139 low, above which the price could rise toward 0.6290. Any more gains might send the pair toward the 0.6320 resistance.
A close above the 0.6320 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6400.
On the downside, initial support is near the 0.6140 zone. The next support sits at 0.6120. If there is a downside break below 0.6120, the pair could extend its decline. The next support could be 0.6050. Any more losses might send the pair toward the 0.6000 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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