Key Take-Aways
- The AUD/USD fell below the crucial support level of 0.6780.
- On the 4-hour chart, resistance is present at 0.6750 and 0.6780.
- The prices of gold and crude oil are indicating a continuation of the bear market.
- Today is the scheduled date for the Fed interest rate decision (estimated 3.25%, up from 2.5% previously).
Technical Analysis of AUD/USD
From the area of 0.6920 against the US dollar, the Australian dollar started a new drop. The AUD/USD pair dropped below the 0.6840 level and entered a negative area.
The pair extended losses below the 0.6780 support, the 100 simple moving average (red, 4-hours), and the 200 simple moving average, according to the 4-hours chart (green, 4-hours).
Even worse, the pair made a rise below 0.6669, and a low was established there. Above 0.6670, the pair entered a consolidation phase. An initial obstacle on the upward is located close to the 0.6750 area.
The 100 simple moving average and the 0.6780 level serve as the first significant resistance (red, 4-hours). A definite move over the levels of 0.6750 and 0.6780 would pave the way for a respectable advance.
The pair may move upward toward the 0.6820 resistance region in the scenario described. The pair might move towards the 0.6880 level and the 200 if there are any further gains.
An early support for the downside is located close to the 0.6670 level. The pair may move toward the 0.6620 level if the downside breaks below the 0.6670 support. The pair may potentially test the 0.6500 level in the coming days if they fall below the next significant support, which is located close to the 0.6580 level.
When it comes to the price of gold, there is a rise in selling interest and a potential slide below the $1,650 support area.
Economic News to Trade Today Fed Interest Rate Decision: Forecast 3.25 percent, up from 2.5% previous
Recent Comments