Key Highlights
- AUD/USD rallied above the key resistance at 0.6800 and 0.6900.
- A major bullish trend line is forming with support at 0.6900 on the 4-hour chart.
- EUR/USD gained bullish momentum and climbed above 1.1900.
- Gold prices remain elevated, and dips could be attractive to the bulls.
AUD/USD Technical Analysis
The Aussie Dollar started a major increase above 0.6800 against the US Dollar. AUD/USD cleared the 0.6880 hurdle to enter a bullish zone.
Looking at the 4-hour chart, the pair settled above 0.6920, the 200 simple moving average (green, 4-hour), and the 100 simple moving average (red, 4-hour). The bulls even pumped the pair above 0.6950.
The current price action suggests high chances of more upside. Besides, there is a major bullish trend line forming with support at 0.6900. Immediate resistance sits near 0.6985. The first key hurdle could be 0.7000.
A close above 0.7000 could open the doors for more gains. In the stated case, the bulls could aim for a move toward 0.7120. If there is a pullback, AUD/USD might find bids near 0.6900 or the trend line.
A close below the trend line might initiate an extended drop. The first major area for the bulls might be near 0.6840. The main support sits at 0.6800, below which the pair could accelerate lower. The next support could be 0.6740 and the 100 simple moving average (red, 4-hour).
Looking at EUR/USD, the pair extended gains and traded above 1.1900. The next key hurdle sits near 1.2000.
Upcoming Key Economic Events:
- BoC Interest Rate Decision – Forecast 2.25%, versus 2.25% previous.
