AUD/USD: Australian dollar struggles to hold at 0.62797 support.

Denis Joeli Fatiaki Independent Analyst

What happened in the last 24 hrs of the trading session?

AUD/USD: The Australian dollar fought so hard to break above 0.72092 as indicated in yesterday's update; unfortunately, it is still lack of strength to break through and had been swinging from 0.72902 to 0.72697.

What is going on now?

AUD/USD: The Australian dollar seems to be struggling to break through 0.72902 as indicated in the current price action. Although it is consolidating, the pressure starts to show as the battle often slips to the downside below 0.72697. The Australian dollar currently trades at 0.72799 after bouncing at 0.72697.

My thoughts on what may happen

1. AUD/USD still need to break and hold above 0.72902 to continue to its next challenge at 0.73052 as highlighted in yesterday's update. If successful at 0.73052, then the Aussie dollar might continue to its next resistance point at 0.73208. There is no clear signal for a long position yet so; it's best to wait and assess the situation until you get confirmation to go long.

2. Current support - 0.72796, 0.72697

3. Resistance - 0.72902, 0.73052, 0.73208, 0.73300, 0.73500

4. It is a good practice to apply a stop loss to your trades to protect your capital in case the market moves against your position.

The short-term view of the price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

The short-term view of the price action in the four-hour 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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