Key Highlights
- AUD/USD struggled near 0.6565 and reacted to the downside.
- It traded below a key bullish trend line with support at 0.6505 on the 4-hour chart.
- GBP/USD is correcting gains from the 1.3590 resistance zone.
- EUR/USD is struggling to clear the 1.1720 resistance.
AUD/USD Technical Analysis
The Aussie Dollar failed to continue higher above 0.6565 against the US Dollar. AUD/USD corrected gains and traded below the 0.6500 support.
Looking at the 4-hour chart, the pair traded below a key bullish trend line with support at 0.6505. There was a move below the 50% Fib retracement level of the upward move from the 0.6419 swing low to the 0.6568 high.
The pair is now trading below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). On the downside, immediate support is 0.6475. It is close to the 61.8% Fib retracement level of the upward move from the 0.6419 swing low to the 0.6568 high.
The next key support sits at 0.6455. Any more losses could send the pair toward the 0.6420 support zone. On the upside, the pair now faces resistance near the 0.6500 level.
The next key resistance sits near 0.6525. A close above 0.6525 could set the pace for another increase. In the stated case, the pair could rise toward 0.6550, above which the bulls could aim for a move toward 0.6620.
Looking at EUR/USD, the pair started a downside correction, and it seems like the bears might aim for a move toward 1.1600.
Upcoming Key Economic Events:
- US Housing Starts for July 2025 (MoM) – Forecast 1.30M, versus 1.321M previous.
- US Building Permits for July 2025 (MoM) – Forecast 1.390M, versus 1.393M previous.
