Market Analysis: AUD/USD Sink Further, Losses Mount
Market Analysis: AUD/USD Sink Further, Losses Mount
AUD/USD declined below the 0.6400 and 0.6375 support levels.
Important Takeaways for AUD/USD Analysis Today
- The Aussie Dollar started a fresh decline from well above the 0.6400 level against the US Dollar.
- There is a connecting bearish trend line forming with resistance at 0.6340 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 clear the 0.6430 zone. The Aussie Dollar started a fresh decline below the 0.6400 support against the US Dollar, as discussed in the previous analysis.
The pair even settled below 0.6375 and the 50-hour simple moving average. There was a clear move below 0.6340. A low was formed at 0.6317 and the pair is now consolidating losses. On the upside, an immediate resistance is near the 0.6340 level.
There is also a connecting bearish trend line forming with resistance at 0.6340. It is close to the 23.6% Fib retracement level of the downward move from the 0.6429 swing high to the 0.6317 low.
The next major resistance is near the 0.6375 zone or the 50% Fib retracement level of the downward move from the 0.6429 swing high to the 0.6317 low, above which the price could rise toward 0.6385. Any more gains might send the pair toward the 0.6430 resistance.
A close above the 0.6430 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6500.
On the downside, initial support is near the 0.6320 zone. The next support sits at 0.6350. If there is a downside break below 0.6350, the pair could extend its decline. The next support could be 0.6320. Any more losses might send the pair toward the 0.6300 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 declined below the 0.6400 and 0.6375 support levels.
Important Takeaways for AUD/USD Analysis Today
- The Aussie Dollar started a fresh decline from well above the 0.6400 level against the US Dollar.
- There is a connecting bearish trend line forming with resistance at 0.6340 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 clear the 0.6430 zone. The Aussie Dollar started a fresh decline below the 0.6400 support against the US Dollar, as discussed in the previous analysis.
The pair even settled below 0.6375 and the 50-hour simple moving average. There was a clear move below 0.6340. A low was formed at 0.6317 and the pair is now consolidating losses. On the upside, an immediate resistance is near the 0.6340 level.
There is also a connecting bearish trend line forming with resistance at 0.6340. It is close to the 23.6% Fib retracement level of the downward move from the 0.6429 swing high to the 0.6317 low.
The next major resistance is near the 0.6375 zone or the 50% Fib retracement level of the downward move from the 0.6429 swing high to the 0.6317 low, above which the price could rise toward 0.6385. Any more gains might send the pair toward the 0.6430 resistance.
A close above the 0.6430 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6500.
On the downside, initial support is near the 0.6320 zone. The next support sits at 0.6350. If there is a downside break below 0.6350, the pair could extend its decline. The next support could be 0.6320. Any more losses might send the pair toward the 0.6300 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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