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AUDUSD today - On Thursday morning in Europe, AUD/USD failed to extend its corrective rise from the previous one-week low, as well as from the 100-Exponential Moving Average (EMA). This reflects the cautious market mood ahead of several central bank announcements and also due to the holiday in China. The latest decline in the AUD/USD pair can be explained by its inability to overcome the weekly resistance line which is located around the 0.6810 level at the time of writing.
However, there are some factors that challenge the AUD/USD sellers. Trading continues beyond the 100-EMA and 200-EMA, and there are indications of an upcoming bull cross on the MACD indicator. This presents challenges for the Aussie sellers.
In addition, there is a horizontal area consisting of several levels that has been marked since June 2, near the level of 0.6640. This area also challenges further decline in the AUD/USD pair before giving control to sellers. Alternatively, in case of a successful breakout of the previously mentioned resistance line, especially on Friday with the nearest target around the level of 0.6810, this could trigger an increase in the AUD/USD pair towards the monthly peak, which is currently around the level of 0.6900. However, it should be noted that the horizontal area that has been formed for a week around the level of 0.6840 will act as an additional filter that can affect the direction of the upward movement.
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This analysis is based on fundamental and technical views from trusted sources, not advice or invitation. Always remember that this content is intended to enrich the reader's information. Always use independent research first regarding other forex information to be used as a reference in your trading.
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