As of writing, AUD/USD is trading close to 0.6292, breaking through the strong near-term support at 0.6308 (200 EMA on the 1-hour chart). Given the strong bearish momentum and the overall downward momentum, further declines can be expected. More conservative AUD/USD sellers are likely to decide to wait for today's intraday low at 0.6273 to be broken.
In an alternative scenario, after the breakdown of the 0.6308 resistance level, AUD/USD will resume corrective growth with targets at the resistance levels 0.6415, 0.6455, 0.6477 (200 EMA on the 4-hour chart). Growth above the resistance level 0.6545 (local highs and 50 EMA on the daily chart) is unlikely.
Support levels: 0.6273, 0.6200, 0.6170, 0.5975, 0.5665, 0.5510
Resistance levels: 0.6308, 0.6400, 0.6415, 0.6455, 0.6477, 0.6500, 0.6545
Trading Tips
Sell Stop 0.6270. Stop-Loss 0.6330. Take-Profit 0.6200, 0.6170, 0.5975, 0.5665, 0.5510
Buy Stop 0.6330. Stop-Loss 0.6280. Take-Profit 0.6400, 0.6415, 0.6455, 0.6477, 0.6500, 0.6545
