Sat, May 11, 2024 @ 03:07 GMT
Facebook Mail RSS Twitter
HomeContributorsTechnical AnalysisAUD/USD Moved into a Positive Zone above $0.7000

AUD/USD Moved into a Positive Zone above $0.7000

FXOpen
By FXOpen

The Aussie Dollar started a fresh increase from the 0.6950 zone against the US Dollar. The AUD/USD pair traded above the 0.7000 resistance zone to move into a positive zone.

The pair gained pace for a move above the 0.7050 and settled above the 50 hourly simple moving average. It traded as high as 0.7097 and might continue to rise steadily. The next key resistance on the upside is near the 0.7120 level.

If there is an upside break above the 0.7120 level, the pair could rise steadily towards the 0.7165 level in the near term. Any more gains could send the pair towards 0.7200 on FXOpen.

An immediate support on the downside is near the 0.7050 level. The next key support is near the 0.7040 level and a connecting bullish trend line. A downside break below the 0.7040 support could lead the pair towards the 0.6980 support.

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

Load more

Learn Forex Trading

ActionForex.com was set up back in 2004 with the aim to provide insightful analysis to forex traders, serving the trading community for over a decade. Empowering the individual traders was, is, and will always be our motto going forward.

Contact us: contact@actionforex.com

© ActionForex.com © 2024 All rights reserved.