Market Analysis: AUD/USD Target Additional Gains
AUD/USD is moving higher and might surge if it clears 0.6610.
Important Takeaways for AUD USD Analysis Today
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair corrected lower but remained well-bid above the 0.6570 support. The Aussie Dollar is forming a base above 0.6570 and now attempting a fresh increase against the US Dollar, as discussed in the previous analysis.
The bulls pushed the pair above the 50% Fib retracement level of the downward move from the 0.6609 swing high to the 0.6570 low. There was a close above the 0.6590 resistance and the 50-hour simple moving average.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near a key contracting triangle at 0.6595. It is close to the 61.8% Fib retracement level of the downward move from the 0.6609 swing high to the 0.6570 low.
The first major resistance might be 0.6610. An upside break above the 0.6610 resistance might send the pair further higher. The next major resistance is near the 0.6650 level. Any more gains could clear the path for a move toward the 0.6720 resistance zone.
If not, the pair might correct lower below the 50-hour simple moving average at 0.6585. The next support could be 0.6570. If there is a downside break below the 0.6570 support, the pair could extend its decline toward the 0.6550 zone. Any more losses might signal a move toward 0.6515.
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 is attempting a fresh increase from the 0.6570 zone against the US Dollar.
- There is a key contracting triangle forming with resistance near 0.6595 on the hourly chart of AUD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair corrected lower but remained well-bid above the 0.6570 support. The Aussie Dollar is forming a base above 0.6570 and now attempting a fresh increase against the US Dollar, as discussed in the previous analysis.
The bulls pushed the pair above the 50% Fib retracement level of the downward move from the 0.6609 swing high to the 0.6570 low. There was a close above the 0.6590 resistance and the 50-hour simple moving average.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near a key contracting triangle at 0.6595. It is close to the 61.8% Fib retracement level of the downward move from the 0.6609 swing high to the 0.6570 low.
The first major resistance might be 0.6610. An upside break above the 0.6610 resistance might send the pair further higher. The next major resistance is near the 0.6650 level. Any more gains could clear the path for a move toward the 0.6720 resistance zone.
If not, the pair might correct lower below the 50-hour simple moving average at 0.6585. The next support could be 0.6570. If there is a downside break below the 0.6570 support, the pair could extend its decline toward the 0.6550 zone. Any more losses might signal a move toward 0.6515.
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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