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At the time of publication of this article, it is traded near the 0.6963 mark, while remaining in the bear market zone below the key resistance levels 0.7130 (EMA200 on the daily chart), 0.7280 (EMA200 on the weekly chart).
The most likely is a breakdown of the local support level 0.6900 and further decline within the descending channel on the weekly AUD/USD chart. Its lower border goes below 0.6600 and below the local 2-year low 0.6685 reached last month.
In an alternative scenario and after the breakdown of the resistance levels 0.6975 (EMA50 on the daily chart), 0.7000 AUD/USD will head towards the resistance levels 0.7080, 0.7130.
A breakdown of the resistance level 0.7280 will once again bring AUD/USD into the zone of a long-term bull market.
Support levels: 0.6900, 0.6850, 0.6800, 0.6700, 0.6685, 0.6660, 0.6500, 0.6455, 0.6270, 0.5975, 0.5665, 0.5510
Resistance levels: 0.6975, 0.7000, 0.7037, 0.7080, 0.7100, 0.7130, 0.7200, 0.7280
Trading Recommendations
Sell Stop 0.6890. Stop Loss 0.6960. Take-Profit 0.6850, 0.6800, 0.6700, 0.6685, 0.6660, 0.6500, 0.6455, 0.6270, 0.5975, 0.5665, 0.5510
Buy Stop 0.6960. Stop Loss 0.6890. Take-Profit 0.6975, 0.7000, 0.7037, 0.7080, 0.7100, 0.7130, 0.7200, 0.7280
