HomeContributorsTechnical AnalysisAUD/USD Pair Is Showing Positive Signs Above 0.7740

AUD/USD Pair Is Showing Positive Signs Above 0.7740

The Aussie Dollar formed a support base above the 0.7700 level against the US Dollar. The AUD/USD pair is now rising and it is showing positive signs above 0.7740.

There was a break above a key bearish trend line with resistance near 0.7740 on the hourly chart. The pair is now trading nicely above the 0.7765 resistance zone and the 50 hourly simple moving average.

On the upside, the first key resistance is near the 0.7780 level. A clear break above the 0.7780 level will most likely lead the pair towards the 0.7810 zone. Any more gains might call for a test of 0.7840 on FXOpen.

Conversely, there could be a fresh decline below the 0.7765 pivot level. In the stated case, the pair might find support near the 0.7735 level and the 50 hourly simple moving average.

FXOpen
FXOpenhttps://www.fxopen.com/
FXOpen is a global Forex and CFD Broker, founded in 2005 by a group of traders. With over 16 years of experience, the company has gained an excellent reputation a major brokerage that continues to expand rapidly. The broker offers a choice of platforms, including the popular MT4 and MT5 platforms, with a wide range of trading instruments with spreads from 0.0 pips: 600+ FX, index, share, commodity and cryptocurrency CFDs. FXOpen also provides its own PAMM technology, allowing clients to benefit from the strategies of experienced traders with a proven track record of successful trading and guarantees automatic distribution of profit and loss between the strategy provider and the strategy followers. CFDs are complex instruments and come with a high risk of losing your money. PAMM is only available in certain jurisdictions. Cryptocurrency CFDs are not available to Retail clients at FXOpen UK.

Featured Analysis

Learn Forex Trading