AUD/USD Could Gain Bullish Momentum
AUD/USD started a fresh increase above the 0.6700 resistance zone.
Important Takeaways for AUD/USD
· The Aussie Dollar started a fresh increase above the 0.6700 resistance against the US Dollar.
· There was a break above a major bearish trend line with resistance near 0.6692 on the hourly chart of AUD/USD.
AUD/USD Technical Analysis
The Aussie Dollar found support near 0.6620 and started a decent increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6650 resistance.
The pair even moved above the 0.6685 level and the 50 hourly simple moving average. There was a break above a major bearish trend line with resistance near 0.6692 on the hourly chart of AUD/USD. The bulls were able to pump the pair above 0.6720 and the 50 hourly simple moving average.
AUD/USD Hourly Chart
A high is formed near 0.6737 on FXOpen and the pair is now consolidating gains. On the downside, an initial support is near the 0.6720 level. It is near the 23.6% Fib retracement level of the recent increase from the 0.6661 swing low to 0.6737 high.
The next support could be the 0.6700 level or the 50 hourly simple moving average or the 50% Fib retracement level of the recent increase from the 0.6661 swing low to 0.6737 high.
If there is a downside break below the 0.6700 support, the pair could extend its decline towards the 0.6650 level. On the upside, the AUD/USD pair is facing resistance near the 0.6740 level. The next major resistance is near the 0.6780 level.
A close above the 0.6780 level could start another steady increase in the near term. The next major resistance could be 0.6850.
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 0.6700 resistance against the US Dollar.
· There was a break above a major bearish trend line with resistance near 0.6692 on the hourly chart of AUD/USD.
AUD/USD Technical Analysis
The Aussie Dollar found support near 0.6620 and started a decent increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6650 resistance.
The pair even moved above the 0.6685 level and the 50 hourly simple moving average. There was a break above a major bearish trend line with resistance near 0.6692 on the hourly chart of AUD/USD. The bulls were able to pump the pair above 0.6720 and the 50 hourly simple moving average.
AUD/USD Hourly Chart
A high is formed near 0.6737 on FXOpen and the pair is now consolidating gains. On the downside, an initial support is near the 0.6720 level. It is near the 23.6% Fib retracement level of the recent increase from the 0.6661 swing low to 0.6737 high.
The next support could be the 0.6700 level or the 50 hourly simple moving average or the 50% Fib retracement level of the recent increase from the 0.6661 swing low to 0.6737 high.
If there is a downside break below the 0.6700 support, the pair could extend its decline towards the 0.6650 level. On the upside, the AUD/USD pair is facing resistance near the 0.6740 level. The next major resistance is near the 0.6780 level.
A close above the 0.6780 level could start another steady increase in the near term. The next major resistance could be 0.6850.
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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