- AUD/USD takes a U-turn from 0.6897, targets the previous day’s low around 0.6850.
- An ascending trend line from June 15 offers key support.
- An eight-day-old horizontal resistance becomes upside barrier.
AUD/USD stands on a slippery grounds near 0.6875, intraday low of 0.6862, during the pair’s latest declines amid Friday’s Asian session. The aussie pair’s U-turn from 200-HMA pushes it towards marking a 0.16% loss on the day.
The quote is likely declining towards Thursday’s low of 0.6846 during the further weakness. However, a short-term ascending trend line will join 23.6% Fibonacci retracement of June 10-15 fall, around 0.6845/40, to challenge the bears afterward.
Should there be an additional weakness past-0.6840, 0.682 and 0.6775 can gain the market’s attention.
On the contrary, the pair’s rise beyond 200-HMA level of 0.6890 can aim for 0.6930 whereas the highs marked on June 16 and 23 around 0.6975/80 may question the buyers afterward.
If at all the bulls manage to cross 0.6980 upside barrier, 0.7000 and June 10 top near 0.7065 could become their favorite.
AUD/USD hourly chart
Trend: Bearish
Reprinted from fxstreet.com, the copyright all reserved by the original author.
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