The market reacted to the outcomes of the RBA June meeting with a sharp strengthening of the Australian dollar and an increase in the AUD/USD pair. From the 0.6500 mark, the price rose by 400 pips to the local resistance level of 0.6900 (this mark also coincides with the upper boundary of the newly formed downward channel on the weekly chart).
However, last Friday, the price broke through three important medium-term support levels: 0.6755 (200 EMA on the daily chart), 0.6730 (144 EMA on the daily chart), 0.6705 (50 EMA on the daily chart), resuming the decline towards the lower boundary of the aforementioned downward channel, which is currently near the local lows from April 2020 at the levels of 0.6200 and 0.6285.
At the moment, AUD/USD remains in the zone of long-term and global bearish markets, below key resistance levels: 0.7060 (200 EMA on the weekly chart), 0.7510 (144 EMA, 200 EMA on the monthly chart, and 50% Fibonacci retracement level of the downward wave from 0.9500 to 0.5510).
The technical indicators OsMA and Stochastic on the daily chart are also on the sellers' side.
In an alternative scenario, a breakout of the important resistance level 0.6705 (50 EMA on the daily chart and 200 EMA on the 4-hour chart) could signal a resumption of long positions.
A breakout of the key resistance level at 0.6755 and the resistance level 0.6780 (50 EMA on the weekly chart) will pave the way for further growth towards key resistance levels at 0.6975 (144 EMA on the weekly chart), 0.7040 (38.2% Fibonacci level), 0.7060, which separate the long-term bearish market from the bullish one.
Support levels: 0.6600, 0.6500, 0.6455, 0.6390, 0.6285, 0.6200, 0.6170
Resistance levels: 0.6705, 0.6730, 0.6755, 0.6780, 0.6800, 0.6900, 0.6975, 0.7000, 0.7040, 0.7060, 0.7100
