AUD/USD: Australian dollar is at risk of falling below 0.72000

Denis Joeli Fatiaki Independent Analyst

AUD/USD: Australian dollar is at risk of falling below 0.72000

What is going on now with AUD/USD?

AUD/USD: The Australian dollar failed to reach its target at 0.72488 and pulled back below 0.72170 support during the European session. The Australian dollar has fallen below 0.72330 support in the 60 minutes price chart in this morning's session and could head down to 0.72075 and 0.7200.

Our forecast

AUD/USD: The Australian dollar needs to remain above 0.72230 to continue to the upside. If it is successful at 0.72230, it could head up to retest 0.72530 at its 500 EMA in the 60 minutes price chart.

Support/short target - 0.72170, 0.72075, 0.72000, and 0.71905

Resistance/Long Target -0.72230, 0.72330, 0.72605, and 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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