AUD/USD technical analysis: Nearing key resistance at 0.6719
|- AUD/USD has charted a double bottom pattern on the hourly chart.
- A break above the neckline resistance of 0.6719 is needed to confirm a bullish breakout.
AUD/USD is flashing green at press time despite the weak Australian trade data. The currency pair needs to rise above key resistance at 0.6719 to confirm a bullish breakout.
As of writing, the currency pair is trading at 0.6714, representing 0.13% gains on the day, having hit a high of 0.6717.
On the hourly chart, the pair has charted a double bottom pattern with the neckline resistance at 0.6719. Acceptance above that level would confirm a double bottom breakout or a bearish-to-bullish trend change.
A breakout, if confirmed, would open the doors for 0.6767 (target as per the measured move).
The bullish case would weaken if the pair faces rejection at the double bottom neckline and falls below the descending (bearish) 50-hour MA, currently at 0.6703.
Hourly chart
Trend: Bullish above 0.6719
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.