Key Highlights
- AUD/USD started a fresh increase above the 0.6650 zone.
- It could extend gains if it clears the 0.6725 resistance on the 4-hour chart.
- EUR/USD is struggling to continue higher above 1.1800.
- WTI Crude Oil could aim for a steady recovery if it clears the $60.00 pivot level.
AUD/USD Technical Analysis
The Aussie Dollar started a fresh increase above 0.6650 against the US Dollar. AUD/USD climbed higher above 0.6680 to enter a positive zone.
Looking at the 4-hour chart, the pair cleared a key bullish flag resistance to start the recent upward movement. The pair settled above 0.6660, the 200 simple moving average (green, 4-hour), and the 100 simple moving average (red, 4-hour).
A high was formed at 0.6727 before the pair started a consolidation phase. The pair dipped below the 23.6% Fib retracement level of the upward move from the 0.6592 swing low to the 0.6727 high.
On the downside, there is key support at 0.6660 and the 50% Fib retracement. It is also close to the 100-SMA. A downside break below the 100-SMA might spark bearish moves. The next major support could be 0.6640, below which the pair might dive and test 0.6600.
Immediate resistance sits near 0.6725. The first key hurdle is seen near 0.6750. A close above 0.6750 could open the doors for a move toward 0.6800. Any more gains could set the pace for a steady increase toward 0.6840.
Looking at EUR/USD, the pair failed to settle above 1.1800 and recently saw a minor pullback. The main support sits at 1.1700.
Upcoming Key Economic Events:
- US Initial Jobless Claims – Forecast 220K, versus 214K previous.
