HomeContributorsTechnical AnalysisAUD/USD Pair is Consolidating Above 0.6900

AUD/USD Pair is Consolidating Above 0.6900

The Aussie Dollar started a fresh increase above the 0.6780 resistance against the US Dollar. The AUD/USD pair gained pace above 0.6840 to move into a positive zone.

There was a move above a major bearish trend line with resistance near 0.6785 on the hourly chart. The pair is now consolidating above the 0.6900 support and the 50 hourly simple moving average. An immediate resistance on the upside is near the 0.6940 level.

If there is an upside break above the 0.6940 zone, the pair could rise steadily towards the 0.6980 level in the near term. The main resistance now sits near 0.7000 on FXOpen.

An immediate support is near the 0.6910 level. The next key support is near the 0.6850 level. A downside break below the 0.6850 support could lead the pair towards the 0.6800 support.

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