AUD/USD: Australian dollar heads down to its 500 EMA at 0.71745
|AUD/USD: Australian dollar heads down to its 500 EMA at 0.71745
What is going on now with AUD/USD?
AUD/USD: The Australian dollar climbed to 0.72365 in yesterdays session but failed to continue and fell to 0.71980 support as highlighted in yesterday's update. The pair attempted to head back up at 0.71980 during the overnight session but failed at 0.72105 and was pushed down to 0.71980 support in this mornings trades.
Our forecast
AUD/USD: The Australian dollar has slipped below 0.71980 support in this mornings trades and is now down to its previous low at 0.71905. The pair could continue down to its 500 EMA at 0.71745. The Australian dollar needs to break and maintain above 0.72105 to head back to the upside. I am expecting the pair to react at its 500 EMA. The pair could bounce and attempt to reverse to the upside. If it fails at its 500 EMA, then there is a possibility that it would continue down to 0.71580 and 0.71360.
Support/ Short - 0.71745, 0.71580, 0.71360, and 0.71130
Resistance/ Long - 0.72105, 0.72365, 0.72520, and 0.72600
Chart 1: The short-term view of the AUD/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the AUD/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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