Market Analysis: AUD/USD Gains Pace, Bulls Are Back?
AUD/USD started a decent increase above the 0.6150 and 0.6200 levels.
Important Takeaways for AUD USD Analysis Today
- The Aussie Dollar rebounded after forming a base above the 0.6000 level against the US Dollar.
- There is a connecting bullish trend line forming with support at 0.6260 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.5940 support. The Aussie Dollar was able to clear the 0.6065 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6200 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6315 zone. A high was formed near 0.6314 and the pair recently started a consolidation phase.
There was a move below the 0.6300 level. The pair remained above the 23.6% Fib retracement level of the upward move from the 0.5913 swing low to the 0.6314 high.
On the downside, initial support is near the 0.6260 level. There is also a connecting bullish trend line forming with support at 0.6260. The next major support is near the 0.6220 zone. If there is a downside break below the 0.6220 support, the pair could extend its decline toward the 0.6205 level.
Any more losses might signal a move toward 0.6065 and the 61.8% Fib retracement level of the upward move from the 0.5913 swing low to the 0.6314 high.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6315. The first major resistance might be 0.6340. An upside break above the 0.6340 resistance might send the pair further higher.
The next major resistance is near the 0.6385 level. Any more gains could clear the path for a move toward the 0.6450 resistance zone.
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 0.6150 and 0.6200 levels.
Important Takeaways for AUD USD Analysis Today
- The Aussie Dollar rebounded after forming a base above the 0.6000 level against the US Dollar.
- There is a connecting bullish trend line forming with support at 0.6260 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.5940 support. The Aussie Dollar was able to clear the 0.6065 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6200 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6315 zone. A high was formed near 0.6314 and the pair recently started a consolidation phase.
There was a move below the 0.6300 level. The pair remained above the 23.6% Fib retracement level of the upward move from the 0.5913 swing low to the 0.6314 high.
On the downside, initial support is near the 0.6260 level. There is also a connecting bullish trend line forming with support at 0.6260. The next major support is near the 0.6220 zone. If there is a downside break below the 0.6220 support, the pair could extend its decline toward the 0.6205 level.
Any more losses might signal a move toward 0.6065 and the 61.8% Fib retracement level of the upward move from the 0.5913 swing low to the 0.6314 high.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6315. The first major resistance might be 0.6340. An upside break above the 0.6340 resistance might send the pair further higher.
The next major resistance is near the 0.6385 level. Any more gains could clear the path for a move toward the 0.6450 resistance zone.
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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.