Market Analysis: AUD/USD Regain Strength
AUD/USD is moving higher and might climb further above 0.6870.
Important Takeaways for AUD USD Analysis Today
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6725 support. The Aussie Dollar was able to clear the 0.6760 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6800 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6870 zone. A high is formed near 0.6869 and the pair is now consolidating gains.
There was a minor move below the 23.6% Fib retracement level of the upward move from the 0.6724 swing low to the 0.6869 high.
On the downside, initial support is at 0.6820. The next support could be the 50% Fib retracement level of the upward move from the 0.6724 swing low to the 0.6869 high at 0.6800. If there is a downside break below the 0.6800 support, the pair could extend its decline toward the 0.6760 zone.
Any more losses might signal a move toward 0.6660. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6845. There is also a bullish flag forming with resistance near 0.6845.
The first major resistance might be 0.6870. An upside break above the 0.6870 resistance might send the pair further higher. The next major resistance is near the 0.6920 level. Any more gains could clear the path for a move toward the 0.7000 resistance zone.
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.
Important Takeaways for AUD USD Analysis Today
- The Aussie Dollar started a fresh increase above the 0.6760 and 0.6800 levels against the US Dollar.
- There is a bullish flag forming with resistance near 0.6845 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6725 support. The Aussie Dollar was able to clear the 0.6760 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6800 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6870 zone. A high is formed near 0.6869 and the pair is now consolidating gains.
There was a minor move below the 23.6% Fib retracement level of the upward move from the 0.6724 swing low to the 0.6869 high.
On the downside, initial support is at 0.6820. The next support could be the 50% Fib retracement level of the upward move from the 0.6724 swing low to the 0.6869 high at 0.6800. If there is a downside break below the 0.6800 support, the pair could extend its decline toward the 0.6760 zone.
Any more losses might signal a move toward 0.6660. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6845. There is also a bullish flag forming with resistance near 0.6845.
The first major resistance might be 0.6870. An upside break above the 0.6870 resistance might send the pair further higher. The next major resistance is near the 0.6920 level. Any more gains could clear the path for a move toward the 0.7000 resistance zone.
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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