The Australian dollar and the AUD/USD pair are rising today. As of writing, AUD/USD was trading near 0.6722, in the short-term bull market zone, above the support levels 0.6690 (200 EMA on the 1-hour chart) and 0.6600 (200 EMA on the 4-hour chart), while remaining in the long-term bearish market zone, below the key resistance levels 0.6760 (144 EMA on the daily chart), 0.6840 (200 EMA on the daily chart), 0.6900 (50 EMA on the weekly chart).
In view of this, short positions remain preferable below the resistance levels 0.6760, 0.6840, 0.6900. But for their resumption, a signal is needed. The first such signal will likely be the breakdown of the 0.6690 support level, and the confirming one will be the 0.6600 support level.
A break of the 0.6600 support level will also mean a revival of the downward dynamics and a return of AUD/USD inside the downward channel on the weekly chart.
Alternatively, AUD/USD will again attempt to break into the zone above the 0.6760 resistance level. But, most likely, there will be a rebound from this level or a little higher and closer to the 0.6840 key resistance level, and further movement will follow a scenario that is negative for AUD/USD.
Support levels: 0.6690, 0.6638, 0.6600, 0.6565, 0.6500, 6455, 0.6380, 0.6285, 0.6200, 0.6170, 0.5975, 0.5665, 0.5510
Resistance levels: 0.6760, 0.6800, 0.6840, 0.6900
Trading Tips
Sell Stop 0.6660. Stop-Loss 0.6785. Take-Profit 0.6638, 0.6600, 0.6565, 0.6500, 6455, 0.6380, 0.6285, 0.6200, 0.6170, 0.5975, 0.5665, 0.5510
Buy Stop 0.6785. Stop-Loss 0.6660. Take-Profit 0.6800, 0.6840, 0.6900
