AUD/USD Analysis

[Elliot Harris]

Yesterday, the AUD/USD traded lower and closed the day in the red zone around the price of 0.6430. Today, on the contrary, the pair has grown slightly, rising to the level of 0.6445. On the hourly chart, AUD/USD trades above the moving average line MA (200) H1 (0.6405). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the north direction in trading, and while the pair remains above MA 200 H1, you may need to look for entry points to buy at the end of the correction.

• Resistance levels are at 0.6500, 0.6520, and 0.6560.
• Support levels are at 0.6405, 0.6385, and 0.6355.

The main scenario is probably the resumption of the upward movement to 0.6500 (Nov. 7 high).

The alternative scenario is consolidation below MA 200 H1 with a subsequent fall to 0.6270 (Oct 26 low).