AUD/USD Holds Ground as Markets Watch Fresh UpsideMarket Analysis: AUD/USD Holds Ground as Markets Watch Fresh Upside
AUD/USD started a fresh increase above 0.6500 and 0.6550.
Important Takeaways for AUD USD Analysis Today
- The Aussie Dollar started a decent increase above 0.6500 against the US Dollar.
- There is a key bullish trend line forming with support at 0.6510 on the hourly chart of AUD/USD.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD, the pair started a fresh increase from 0.6500. The Aussie Dollar was able to clear 0.6550 to move into a positive zone against the US Dollar.
There was a close above 0.6500 and the 50-hour simple moving average. Finally, the pair tested 0.6580. A high was formed near 0.6580 and the pair recently started a short-term downside correction. There was a minor decline below 0.6550.
There was a move below the 50% Fib retracement level of the upward move from the 0.6463 swing low to the 0.6580 high. On the downside, initial support is near a key bullish trend line at 0.6510 and the 61.8% Fib retracement.
The next area of interest could be 0.6490. If there is a downside break below 0.6490, the pair could extend its decline toward the 0.6465 zone. Any more losses might signal a move toward 0.6420.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6540 and the 50-hour simple moving average. The first major hurdle for the bulls might be 0.6550. An upside break above 0.6550 might send the pair further higher. The next stop is near 0.6580. Any more gains could clear the path for a move toward 0.6620.
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