AUD/USD: Australian dollar attempts to breakout at 0.72105; RBA interest rates decision at 14.30 hrs

Denis Joeli Fatiaki Independent Analyst

AUD/USD: Australian dollar attempts to breakout at 0.72105; RBA interest rates decision at 14.30 hrs

What is going on now with AUD/USD?

AUD/USD: The Australian dollar held on above 0.71880 and had been consolidating for the past 24 hours between 0.72105 and 0.71880. The pair trades well above its 500 EMA which is a positive sign in its future price movements. However, The Australian dollar needs to break and maintain above 0.72105 to continue to the upside.

Our forecast

AUD/USD: The Australian dollar currently trades at 0.72129 and could continue to 0.72365 if it maintains above 0.72105. The pair could pullback to 0.71580 and 0.71360 if it fails to sustain above 0.71880.

Support - 0.71880, 0.71580, and 0.71360

Resistance/ Target - 0.72365, 0.72520, 0.72600, and 0.72990

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

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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