At the time of writing this article, AUD/USD is trading near 0.7248, remaining in a range between the most important long-term levels of 0.7265 (200 EMA on the daily chart), 0.7240 (144 EMA on the daily chart). If there is a rebound from these levels and AUD/USD resumes its decline, then we can say that the upward correction of the pair, which has been observed since mid-May, has ended and the price is returning to the global downward trend.
A confirmation signal for this will be a consecutive breakdown of 3 important support levels 0.7175 (50 EMA on the daily chart), 0.7161 (200 EMA on the 1-hour chart), and 0.7148 (200 EMA on the 4-hour chart).
The targets of this decline are located at the support levels of 0.6835 (local 2-year low), and 0.6800 (lower limit of the descending channel on the weekly chart).
At the same time, AUD/USD maintains a positive trend above the support levels of 0.7175, 0.7161, and 0.7148. The breakdown of the key resistance level 0.7265 and the resistance level 0.7310 (200 EMA on the weekly chart, 50 EMA on the monthly chart) creates the prerequisites for growth to the long-term resistance level 0.7600 (200 EMA on the monthly chart), which separates the global bull market from the bear market.
Support levels: 0.7240, 0.7175, 0.7161, 0.7148, 0.7085, 0.7064, 0.7037, 0.7000, 0.6970, 0.6835, 0.6800, 0.6450
Resistance levels: 0.7265, 0.7310, 0.7400, 0.7440, 0.7510, 0.7555, 0.7600, 0.7650
Trading Tips
AUD/USD: Sell Stop 0.7225. Stop-Loss 0.7290. Take-Profit 0.7200, 0.7175, 0.7161, 0.7148, 0.7085, 0.7064, 0.7037, 0.7000, 0.6970, 0.6835, 0.6800, 0.6450
Buy Stop 0.7290. Stop-Loss 0.7225. Take-Profit 0.7310, 0.7400, 0.7440, 0.7510, 0.7555, 0.7600, 0.7650
