As of writing, AUD/USD is trading near 0.6710, within short-term bullish zone, above near-term support levels 0.6641 (200 EMA on the 1-hour chart), 0.6531 (200 EMA on the 4-hour chart). At the same time, the pair remains in the zone of long-term bearish markets, below key resistance levels 0.6760 (144 EMA on the daily chart), 0.6850 (200 EMA on the daily chart), 0.6900 (50 EMA on the weekly chart).
In other words, AUD/USD is in an upward correction while remaining in the global downward trend zone. This means that despite the current growth of AUD/USD, short positions are still preferable. However, they need signals to resume. The first such signal will be a breakdown of the local support level 0.6680 and support 0.6641. In this case, the price will return inside the descending channel on the weekly chart, heading towards its lower border and the 0.6100, 0.6000 marks.
In an alternative scenario, AUD/USD will again attempt to break into the zone above the 0.6760 resistance level. However, the target of this movement "upward" will be near the 0.6850 resistance level. A higher rise above the 0.6900 resistance level is hardly expected for now.
Support levels: 0.6680, 0.6641, 0.6565, 0.6531, 0.6500, 6455, 0.6382, 0.6285, 0.6200, 0.6170, 0.5975, 0.5665, 0.5510
Resistance levels: 0.6760, 0.6800, 0.6855, 0.6900
Trading Tips
Sell Stop 0.6670. Stop-Loss 0.6810. Take-Profit 0.6640, 0.6565, 0.6531, 0.6500, 6455, 0.6382, 0.6285, 0.6200, 0.6170, 0.5975, 0.5665, 0.5510
Buy Stop 0.6810. Stop-Loss 0.6670. Take-Profit 0.6855, 0.6900
