AUD/USD continues to trade within the bearish medium-term and long-term markets, staying below key resistance levels at 0.6595 (200 EMA on the daily chart) and 0.6915 (200 EMA on the weekly chart).
At the same time, technical indicators OsMA and Stochastic on the 4-hour, daily, and weekly charts are also on the sellers' side. A break through today's low at 0.6487 could signal the accumulation of short positions.
In an alternative scenario, a break of today's high at 0.6520 and then the level of 0.6536, through which an important short-term resistance level, 200 EMA on the 15-minute chart, passes, will be the first early signal to resume long positions.
With further growth, AUD/USD will break the key medium-term resistance level of 0.6595 and continue to rise towards the key long-term resistance level of 0.6915.
Its break through the said level and levels at 0.7000 will take AUD/USD into the zone of the long-term bullish market with the prospect of growth to important resistance levels of 0.7400 (200 EMA on the monthly chart) and 0.7505 (50.0% Fibonacci level). Breaking through this levels, in turn, will take AUD/USD into the global bullish market zone.
Short positions remain preferable for now.
Support levels: 0.6500, 0.6454, 0.6400, 0.6360, 0.6335, 0.6300, 0.6285, 0.6200, 0.6170
Resistance levels: 0.6536, 0.6550, 0.6570, 0.6580, 0.6595, 0.6605, 0.6616, 0.6625, 0.6700, 0.6800, 0.6830, 0.6900, 0.6925, 0.7000, 0.7040
Trading Scenarios
Main Scenario: Sell Stop 0.6480. Stop-Loss 0.6530. Targets 0.6450, 0.6400, 0.6360, 0.6335, 0.6300, 0.6285, 0.6200, 0.6170
Alternative Scenario: Buy Stop 0.6530. Stop-Loss 0.6480. Targets 0.6550, 0.6570, 0.6580, 0.6595, 0.6605, 0.6616, 0.6625, 0.6700, 0.6800, 0.6830, 0.6900, 0.6925, 0.7000, 0.7040
"Targets" correspond to support/resistance levels. This also does not mean that they will necessarily be reached, but can serve as a guide when planning and placing your trading positions.
