Technical Analysis of AUD/USD; 2023/07/05deltawriter 5 July 2023
After a significant decline against the US dollar, the Australian dollar created its support level near 0.6600. Then, AUD/USD declined to the level of 0.6595 and recently started a corrective upside move. Looking at the four-hour chart, you will notice that this currency pair has risen to the resistance level of 0.6625. Additionally, the key downtrend line was broken with resistance near 0.6640.
In an uptrend, the first major resistance is near the Fibonacci retracement level of 50% and within the range of 0.6750. The next major resistance is near 0.6780.
If the bullish movement continues above the level of 0.6780, this currency pair could rise toward 0.6800. Any further gains could potentially lead AUD/USD to the level of 0.6850.
The support level is near 0.6640, and the next major support is near 0.6600. If there is a breakdown below the support of 0.6600, this currency pair may decline toward the level of 0.6520 in the near time frame.
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