AUD/USD: Australian dollar breaks through 0.72330 resistance

Denis Joeli Fatiaki Independent Analyst

AUD/USD: Australian dollar breaks through 0.72330 resistance

What is going on now with AUD/USD?

AUD/USD: The Australian dollar failed in its attempt to break out at 0.72330 in yesterdays session and fell to 0.72075 support as indicated in yesterday's update. The pair has been progressively pushing prices up through an uptrend channel in the 60 minutes price chart with higher highs and higher lows and could continue to the upside if it maintains the current trend

Our forecast

AUD/USD: The Australian dollar has broken the resistance level at 0.72330 and currently trades at 0.72362 in the 60 minutes price chart. The pair could continue to its next target at 0.72488 if it remains above 0.72330 support.

Support/short target - 0.72330, 0.72230, 0.72170, 0.72075

Resistance/Long Target -0.72530, 0.72605, 0.72775

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

We explain the market movements and its potential next move to help and guide you to possibly make the right decision on when to enter, apply to stop loss to protect your capital, take profit and exit your position.

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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