Market Analysis: AUD/USD Much Higher — Uptrend Shows Strength
AUD/USD started a decent increase above the 0.6480 and 0.6500 levels.
Important Takeaways for AUD/USD Analysis Today
– The Aussie Dollar started a decent increase above the 0.6450 level against the US Dollar.
– There is a connecting bearish trend line forming with resistance at 0.6530 on the hourly chart of AUD/USD.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD, the pair started a fresh increase from the 0.6450 support. The Aussie Dollar was able to clear the 0.6470 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6500 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6540 zone. A high was formed near 0.6541 and the pair recently started a consolidation phase.
There was a move below the 23.6% Fib retracement level of the upward move from the 0.6449 swing low to the 0.6541 high. On the downside, initial support is near the 0.6510 level.
The next major support is near the 0.6495 zone or the 50% Fib retracement level. If there is a downside break below 0.6495, the pair could extend its decline toward the 0.6470 level. Any more losses might signal a move toward 0.6450.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6530. There is also a connecting bearish trend line forming with resistance at 0.6530.
The first major resistance might be 0.6540. An upside break above it might send the pair further higher. The next major resistance is near the 0.6580 level. Any more gains could clear the path for a move toward the 0.6600 resistance zone.
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