AUD/USD Could Extend Gains
AUD/USD is showing positive signs and might climb further higher above 0.6900.
Important Takeaways for AUD USD Analysis Today
· The Aussie Dollar started a fresh increase above the 0.6790 and 0.6845 levels against the US Dollar.
· There is a connecting bullish trend line forming with support near 0.6790 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 0.6630 support. The Aussie Dollar was able to clear the 0.6790 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6845 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6900 zone. A high is formed near 0.6894 and the pair is now consolidating gains. The AUD/USD chartindicates that the pair is now facing resistance near 0.6900.
The first major resistance might be 0.6920. An upside break above the 0.6920 resistance might send the pair further higher. The next major resistance is near the 0.6945 level. Any more gains could clear the path for a move toward the 0.7000 resistance zone.
On the downside, initial support is near the 23.6% Fib retracement level of the upward move from the 0.6682 swing low to the 0.6894 high at 0.6845.
The next support could be a connecting bullish trend line at 0.6790 and the 50-hour simple moving average. It is close to the 50% Fib retracement level of the upward move from the 0.6682 swing low to the 0.6894 high.
If there is a downside break below the 0.6790 support, the pair could extend its decline toward the 0.6730 level. Any more losses might signal a move toward 0.6630.
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 0.6790 and 0.6845 levels against the US Dollar.
· There is a connecting bullish trend line forming with support near 0.6790 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 0.6630 support. The Aussie Dollar was able to clear the 0.6790 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6845 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6900 zone. A high is formed near 0.6894 and the pair is now consolidating gains. The AUD/USD chartindicates that the pair is now facing resistance near 0.6900.
The first major resistance might be 0.6920. An upside break above the 0.6920 resistance might send the pair further higher. The next major resistance is near the 0.6945 level. Any more gains could clear the path for a move toward the 0.7000 resistance zone.
On the downside, initial support is near the 23.6% Fib retracement level of the upward move from the 0.6682 swing low to the 0.6894 high at 0.6845.
The next support could be a connecting bullish trend line at 0.6790 and the 50-hour simple moving average. It is close to the 50% Fib retracement level of the upward move from the 0.6682 swing low to the 0.6894 high.
If there is a downside break below the 0.6790 support, the pair could extend its decline toward the 0.6730 level. Any more losses might signal a move toward 0.6630.
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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