FX.co ★ AUD/USD

AUDUSD Short-Term Outlook: Today, I will be writing an article discussing the current price movement of the AUD/USD pair. As the chart shows, the rise in this pair has stalled at the 0.70491 level. This suggests a potential downtrend accompanied by increased trading volume, and the price could plummet towards the consolidation zone at 0.69421. If this scenario unfolds, a price correction followed by a rise is possible. However, if the price fails to break through 0.69961, it could plummet to the consolidation level of 0.68201. The chart shows a large accumulation of stop-loss orders from buyers below the current price, which could trigger a decline. Currently, the AUD/USD pair is bullish, with the current price at 0.70521 and the low at 0.70371.

Technical indicators on the 1-hour chart show a significant increase in buying pressure. The traders should keep an eye on the 0.70671 level, followed by the next level at 0.71671. The market is expected to rise from around the current trading range of 0.70371, with a key resistance level of 0.71171. Following a false breakout at 0.70321, the rise could continue throughout the US trading session. A small correction may occur during the session, but the price is likely to rise in the latter half. A break above the resistance level of 0.71171 would be a technical buy signal. It is important to prepare in advance and wait for a suitable decline before rising. The Australian dollar index is rising as commodity markets improve day by day.