AUD/USD Holds Firm, More Upside Moves On The Way?
Market Analysis: AUD/USD Holds Firm, More Upside Moves On The Way?
AUD/USD started a fresh increase above 0.6550 and 0.6575.
Important Takeaways for AUD USD Analysis Today
- The Aussie Dollar started a decent increase above 0.6575 against the US Dollar.
- There is a key declining channel forming with resistance at 0.6615 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 0.6520. The Aussie Dollar was able to clear 0.6550 to move into a positive zone against the US Dollar.
There was a close above the 0.6575 resistance and the 50-hour simple moving average. Finally, the pair tested 0.6630. A high was formed near 0.6628 and the pair recently started a consolidation phase. There was a minor decline below 0.6600.
There was a move below the 23.6% Fib retracement level of the upward move from the 0.6520 swing low to the 0.6628 high. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6615 and a key declining channel.
The first major hurdle for the bulls might be 0.6630. An upside break above 0.6630 might send the pair further higher. The next stop is near 0.6650. Any more gains could clear the path for a move toward the 0.6700 handle.
On the downside, initial support is near the 50% Fib retracement at 0.6575. The next area of interest could be 0.6545. If there is a downside break below 0.6545, the pair could extend its decline toward the 0.6520 zone. Any more losses might signal a move toward 0.6500.
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 0.6550 and 0.6575.
Important Takeaways for AUD USD Analysis Today
- The Aussie Dollar started a decent increase above 0.6575 against the US Dollar.
- There is a key declining channel forming with resistance at 0.6615 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 0.6520. The Aussie Dollar was able to clear 0.6550 to move into a positive zone against the US Dollar.
There was a close above the 0.6575 resistance and the 50-hour simple moving average. Finally, the pair tested 0.6630. A high was formed near 0.6628 and the pair recently started a consolidation phase. There was a minor decline below 0.6600.
There was a move below the 23.6% Fib retracement level of the upward move from the 0.6520 swing low to the 0.6628 high. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6615 and a key declining channel.
The first major hurdle for the bulls might be 0.6630. An upside break above 0.6630 might send the pair further higher. The next stop is near 0.6650. Any more gains could clear the path for a move toward the 0.6700 handle.
On the downside, initial support is near the 50% Fib retracement at 0.6575. The next area of interest could be 0.6545. If there is a downside break below 0.6545, the pair could extend its decline toward the 0.6520 zone. Any more losses might signal a move toward 0.6500.
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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