AUD/USD Builds Momentum As Bulls Target Fresh Gains
Market Analysis: AUD/USD Builds Momentum As Bulls Target Fresh Gains
AUD/USD started a fresh increase above 0.6980 and 0.7000.
Important Takeaways for AUD USD Analysis Today
- The Aussie Dollar started a decent increase above 0.6950 against the US Dollar.
- There was a break above a key bearish trend line with resistance at 0.7000 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 0.6900. The Aussie Dollar was able to clear 0.6950 to move into a positive zone against the US Dollar.
There was a close above 0.6980 and the 50-hour simple moving average. Besides, there was a break above a key bearish trend line with resistance at 0.7000. Finally, the pair tested 0.7035. A high was formed near 0.7037 and the pair recently started a consolidation phase.
There was a minor decline below 0.7030. On the downside, initial support is near the 23.6% Fib retracement level of the upward move from the 0.6897 swing low to the 0.7037 high.
The next area of interest could be near 0.6985, the 50% Fib retracement, and the 50-hour simple moving average. If there is a downside break below 0.6985, the pair could extend its decline toward 0.6960. Any more losses might signal a move toward 0.6910.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.7035. The first major hurdle for the bulls might be 0.7050. An upside break above 0.7050 might send the pair further higher. The next stop is near 0.7090. Any more gains could clear the path for a move toward 0.7120.
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 fresh increase above 0.6980 and 0.7000.
Important Takeaways for AUD USD Analysis Today
- The Aussie Dollar started a decent increase above 0.6950 against the US Dollar.
- There was a break above a key bearish trend line with resistance at 0.7000 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 0.6900. The Aussie Dollar was able to clear 0.6950 to move into a positive zone against the US Dollar.
There was a close above 0.6980 and the 50-hour simple moving average. Besides, there was a break above a key bearish trend line with resistance at 0.7000. Finally, the pair tested 0.7035. A high was formed near 0.7037 and the pair recently started a consolidation phase.
There was a minor decline below 0.7030. On the downside, initial support is near the 23.6% Fib retracement level of the upward move from the 0.6897 swing low to the 0.7037 high.
The next area of interest could be near 0.6985, the 50% Fib retracement, and the 50-hour simple moving average. If there is a downside break below 0.6985, the pair could extend its decline toward 0.6960. Any more losses might signal a move toward 0.6910.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.7035. The first major hurdle for the bulls might be 0.7050. An upside break above 0.7050 might send the pair further higher. The next stop is near 0.7090. Any more gains could clear the path for a move toward 0.7120.
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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