The Aussie dollar faced a strong resistance near the 0.7200 area and recently traded lower against the US Dollar. The AUD/USD pair broke the 0.7185 and 0.7160 support levels to enter a negative zone.

More importantly, there was a close below the 0.7160 level and the 50 hourly simple moving average. The pair traded as low as 0.7136 on FXOpen UK and it is currently correcting higher.

AUDUSD

On the upside, there is a major resistance formed near 0.7160 and the 50% Fib retracement level of the recent decline from the 0.7188 high to 0.7136 low. Besides, there is a key bearish trend line in place with resistance near 0.7165 on the hourly chart.

Therefore, if the pair corrects higher, it is likely to face a strong resistance near the 0.7160 and 0.7165 levels. On the downside, a break below 0.7140 and 0.7130 may push the pair towards 0.7100.

RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD bouncing modestly on disappointing US Consumer Confidence

The shared currency remains pressured by the idea that the ECB will come out with massive stimulus measures in September. US Michigan Consumer Confidence down to 92.1 brakes dollar's gains.

EUR/USD News

GBP/USD retreats sharply after approaching 1.2200

The GBP/USD pair came under selling pressure after flirting with weekly highs, as a dismal US confidence report brought back risk-off. GBP/USD still up for the week and above the critical 1.2100 level.

GBP/USD News

USD/JPY: Greenback makes modest progress against Yen, near 106.30

The demand for Yen as a safe-haven currency has been weak in the last three days. The levels to beat for bulls are at the 106.30 and 106.55 resistances.

USD/JPY News

Four Signs of A Bear Market

I am a believer that the Universe gives you signs. That may sound a bit crazy, but these three charts are three more signs of a bear market. The top chart is the GLD exchange traded fund.

Read more

Gold gives back territory towards a 23.6% retracement

Gold prices were a touch lower by the end of the week, falling -0.68% having travelled between a high of $1,528.00 to a low of $1,503.87, ending the NY session around $1,513. 

Gold News

Majors

Cryptocurrencies

Signatures