AUD/USD: Australian dollar stalled at 0.72990; critical support at 0.72600

AUD/USD: Australian dollar stalled at 0.72990; critical support at 0.72600

What is going on now with AUD/USD?

AUD/USD: The Australian dollar fell in yesterdays session but only up to 0.72600 support. The pair bounced and headed back up during the European session only to be pushed back down at 0.72990 resistance. The pair failed again on its third attempt to cross over at 0.72990 and fell to 0.72788.

Our forecast

AUD/USD: The Australian dollar currently trades at 0.72820 and still needs to break and maintain above 0.72990 to continue to the upside. The pair could continue down to its previous support at 0.72600 if it fails to continue at 0.72990. A break below 0.72600 could push the pair further down to 0.72520 and 0.72365 support.

Support/ Short - 0.72600, 0.72520, 0.72365, and 0.72105

Resistance/ Long - 0.72990, 0.73223, 0.73345, and 0.73535

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

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