News

AUD/USD technical analysis: Sharp turnaround after hitting new October highs above 0.6900 handle

  • The Aussie is trading near daily lows after reaching new monthly highs.
  • The level to beat for bears is the 0.6870 support level. 
 

AUD/USD daily chart 

 
The Aussie is trading in a bear trend below the 200-day simple moving average (DMA) on the daily chart. This Thursday the Aussie reached a new October high shooting above the 0.6900 handle. However, the spot is retreating and is at press time trading near daily lows. 
 

 

AUD/USD 4-hour chart

 
The spot is trading above its main SMAs, suggesting a bullish bias in the medium term. However, the spot is having a sharp turnaround now trading back below the 0.6895 resistance. If bulls can reclaim this level, they might try to regain the recent high at 0.6930. Otherwise, the market may continue to drift down towards 0.6870 and 0.6849 support level, according to the Technical Confluences Indicator. 
 
  

 

Additional key 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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.