Market Analysis: AUD/USD Recovers - More Gains Ahead?
Market Analysis: AUD/USD Recovers - More Gains Ahead?
AUD/USD is attempting a recovery wave from 0.6440.
Important Takeaways for AUD/USD Analysis Today
- The Aussie Dollar found support near 0.6440 and is now recovering against the US Dollar.
- There was a break above a key bearish trend line with resistance at 0.6480 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair dipped from the 0.6685 resistance zone. The Aussie Dollar declined below 0.6500, but the bulls were active near 0.6440 against the US Dollar.
A low was formed near 0.6439 and the pair is now correcting losses. There was a move above the 23.6% Fib retracement level of the downward wave from the 0.6685 swing high to the 0.6439 low. There was also a break above a key bearish trend line with resistance at 0.6480.
The pair is now above 0.6500 and the 50-hour simple moving average. On the upside, immediate resistance is near the 50% Fib retracement level of the downward wave from the 0.6685 swing high to the 0.6439 low at 0.6560.
The first major resistance is near 0.6630. A clear upside break above 0.6630 could send the pair toward 0.6685. The next major resistance on the AUD/USD chart is near 0.6720, above which the price could rise toward 0.6750. Any more gains might send the pair toward 0.6800.
On the downside, initial support is near 0.6500 or the 50-hour simple moving average. The next support could be the 0.6480 zone. Any more losses might send the pair toward the 0.6440 support.
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 is attempting a recovery wave from 0.6440.
Important Takeaways for AUD/USD Analysis Today
- The Aussie Dollar found support near 0.6440 and is now recovering against the US Dollar.
- There was a break above a key bearish trend line with resistance at 0.6480 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair dipped from the 0.6685 resistance zone. The Aussie Dollar declined below 0.6500, but the bulls were active near 0.6440 against the US Dollar.
A low was formed near 0.6439 and the pair is now correcting losses. There was a move above the 23.6% Fib retracement level of the downward wave from the 0.6685 swing high to the 0.6439 low. There was also a break above a key bearish trend line with resistance at 0.6480.
The pair is now above 0.6500 and the 50-hour simple moving average. On the upside, immediate resistance is near the 50% Fib retracement level of the downward wave from the 0.6685 swing high to the 0.6439 low at 0.6560.
The first major resistance is near 0.6630. A clear upside break above 0.6630 could send the pair toward 0.6685. The next major resistance on the AUD/USD chart is near 0.6720, above which the price could rise toward 0.6750. Any more gains might send the pair toward 0.6800.
On the downside, initial support is near 0.6500 or the 50-hour simple moving average. The next support could be the 0.6480 zone. Any more losses might send the pair toward the 0.6440 support.
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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