AUD/USD Eyes Sustained Move Higher
AUD/USD started a fresh increase above the 0.6680 resistance zone.
Important Takeaways for AUD/USD
· The Aussie Dollar started a fresh increase above the 0.6650 resistance against the US Dollar.
· There is a key bullish trend line forming with support near 0.6680 on the hourly chart of AUD/USD.
AUD/USD Technical Analysis
The Aussie Dollar found support near 0.6590 and started a decent increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6620 resistance.
The pair even moved above the 0.6650 level and the 50 hourly simple moving average. There was a clear move above the 61.8% Fib retracement level of the downward move from the 0.6711 swing high to 0.6589 low.
It is now trading above the 0.6700 level, plus above the 76.4% Fib retracement level of the downward move from the 0.6711 swing high to 0.6589 low.
On the upside, the AUD/USD pair is facing resistance near the 0.6710 level. The next major resistance is near the 0.6740 level. A close above the 0.6740 level could start another steady increase in the near term. The next major resistance could be 0.6800.
On the downside, an initial support is near the 0.6685 level. There is also a key bullish trend line forming with support near 0.6680 on the hourly chart of AUD/USD.
The next support could be the 0.6650 level and the 50 hourly simple moving average. If there is a downside break below the 0.6650 support, the pair could extend its decline towards the 0.6600 level.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for AUD/USD
· The Aussie Dollar started a fresh increase above the 0.6650 resistance against the US Dollar.
· There is a key bullish trend line forming with support near 0.6680 on the hourly chart of AUD/USD.
AUD/USD Technical Analysis
The Aussie Dollar found support near 0.6590 and started a decent increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6620 resistance.
The pair even moved above the 0.6650 level and the 50 hourly simple moving average. There was a clear move above the 61.8% Fib retracement level of the downward move from the 0.6711 swing high to 0.6589 low.
It is now trading above the 0.6700 level, plus above the 76.4% Fib retracement level of the downward move from the 0.6711 swing high to 0.6589 low.
On the upside, the AUD/USD pair is facing resistance near the 0.6710 level. The next major resistance is near the 0.6740 level. A close above the 0.6740 level could start another steady increase in the near term. The next major resistance could be 0.6800.
On the downside, an initial support is near the 0.6685 level. There is also a key bullish trend line forming with support near 0.6680 on the hourly chart of AUD/USD.
The next support could be the 0.6650 level and the 50 hourly simple moving average. If there is a downside break below the 0.6650 support, the pair could extend its decline towards the 0.6600 level.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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