Market Analysis: AUD/USD Remains At Risk
Market Analysis: AUD/USD Remains At Risk
AUD/USD declined heavily from well above 0.6650.
Important Takeaways for AUD USD Analysis Today
- The Aussie Dollar started a major decline below the 0.6610 level against the US Dollar.
- There is a connecting bearish trend line forming with resistance near 0.6530 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair struggled to stay above the 0.6650 pivot zone. The Aussie Dollar started a fresh decline below the 0.6620 and 0.6600 levels against the US Dollar.
The pair even settled below the 0.6550 level and the 50-hour simple moving average. Finally, it tested the 0.6480 support zone. The recent low was formed near 0.6482 and the pair is now consolidating losses near the 23.6% Fib retracement level of the downward move from the 0.6562 swing high to the 0.6482 low.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near a connecting bearish trend line at 0.6530. The trend line is near the 61.8% Fib retracement level of the downward move from the 0.6562 swing high to the 0.6482 low.
The first major resistance might be 0.65740. An upside break above the 0.6570 resistance might send the pair further higher. The next major resistance is near the 0.6610 level. Any more gains could clear the path for a move toward the 0.6660 resistance zone.
On the downside, initial support is near the 0.6480 zone. The next support could be the 0.6450 zone. If there is a downside break below the 0.6450 support, the pair could extend its decline toward 0.6415. Any more losses might signal a move toward 0.6365.
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 declined heavily from well above 0.6650.
Important Takeaways for AUD USD Analysis Today
- The Aussie Dollar started a major decline below the 0.6610 level against the US Dollar.
- There is a connecting bearish trend line forming with resistance near 0.6530 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair struggled to stay above the 0.6650 pivot zone. The Aussie Dollar started a fresh decline below the 0.6620 and 0.6600 levels against the US Dollar.
The pair even settled below the 0.6550 level and the 50-hour simple moving average. Finally, it tested the 0.6480 support zone. The recent low was formed near 0.6482 and the pair is now consolidating losses near the 23.6% Fib retracement level of the downward move from the 0.6562 swing high to the 0.6482 low.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near a connecting bearish trend line at 0.6530. The trend line is near the 61.8% Fib retracement level of the downward move from the 0.6562 swing high to the 0.6482 low.
The first major resistance might be 0.65740. An upside break above the 0.6570 resistance might send the pair further higher. The next major resistance is near the 0.6610 level. Any more gains could clear the path for a move toward the 0.6660 resistance zone.
On the downside, initial support is near the 0.6480 zone. The next support could be the 0.6450 zone. If there is a downside break below the 0.6450 support, the pair could extend its decline toward 0.6415. Any more losses might signal a move toward 0.6365.
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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