Market Analysis: AUD/USD Attempt Another Recovery
Market Analysis: AUD/USD Attempt Another Recovery
AUD/USD is eyeing a steady increase above the 0.6555 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 0.6465. The Aussie Dollar started another recovery wave above the 0.6510 resistance against the US Dollar
The bulls pushed the pair above the 0.6525 resistance zone. There was a close above the 0.6555 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6585 zone. A high is formed at 0.6585 and the pair is now consolidating above 23.6% Fib retracement level of the upward move from the 0.6465 swing low to the 0.6585 high.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6585. The first major resistance might be 0.6620. An upside break above the 0.6620 resistance might send the pair further higher.
The next major resistance is near the 0.6665 level. Any more gains could clear the path for a move toward the 0.6720 resistance zone.
If not, the pair might correct lower. Immediate support is near a connecting bullish trend line at 0.6555. The next support could be 0.6525 or the 50% Fib retracement level of the upward move from the 0.6465 swing low to the 0.6585 high.
If there is a downside break below the 0.6525 support, the pair could extend its decline toward the 0.6510 zone. Any more losses might signal a move toward 0.6465.
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 eyeing a steady increase above the 0.6555 resistance.
Important Takeaways for AUD/USD Analysis Today
- The Aussie Dollar is moving higher from the 0.6465 zone against the US Dollar.
- There is a connecting bullish trend line forming with support at 0.6555 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 0.6465. The Aussie Dollar started another recovery wave above the 0.6510 resistance against the US Dollar
The bulls pushed the pair above the 0.6525 resistance zone. There was a close above the 0.6555 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6585 zone. A high is formed at 0.6585 and the pair is now consolidating above 23.6% Fib retracement level of the upward move from the 0.6465 swing low to the 0.6585 high.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6585. The first major resistance might be 0.6620. An upside break above the 0.6620 resistance might send the pair further higher.
The next major resistance is near the 0.6665 level. Any more gains could clear the path for a move toward the 0.6720 resistance zone.
If not, the pair might correct lower. Immediate support is near a connecting bullish trend line at 0.6555. The next support could be 0.6525 or the 50% Fib retracement level of the upward move from the 0.6465 swing low to the 0.6585 high.
If there is a downside break below the 0.6525 support, the pair could extend its decline toward the 0.6510 zone. Any more losses might signal a move toward 0.6465.
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.