- AUD/USD is about to end December on the high tick above the 0.7000 handle.
- The next resistances on the way up are seen near 0.7040 and 0.7055 price levels.
AUD/USD weekly chart
The aussie is about to end 2019 with a end-of-year rally above the 50-period weekly simple moving average (SMA). The spot has been under pressure in the first half of the year but from August onwards the market has started to give signs of a potential bottom. If the bulls maintain the market above the 0.6700 handle, 2020 will be sideways to up.
AUD/USD daily chart
AUD/USD is challenging the 0.7000 handle while trading above the 200-day simple moving average (DMA). In 2020, bulls will likely try to reach the 0.7100, 0.7200 and 0.7300 handle on the way up. On the flip side, a successful break below the 0.6700 figure could be seen as a bearish continuation.
AUD/USD four-hour chart
The market is spiking up while above the main SMAs. As the bulls are pressuring the 0.7000 figure the market is set to climb towards 0.7040, 0.7055 and 0.7072, according to the Technical Confluences Indicator. Support can be found at 0.6985, 0.6967, 0.6952 and 0.6930 price levels.
Additional key levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD loses ground due to the absence of a hawkish RBA
The Australian Dollar has plunged following the Reserve Bank of Australia's decision to maintain its interest rate at 4.35% on Tuesday. Investors sentiment leaned toward a potentially more hawkish stance from the RBA, particularly after last week's inflation data surpassed expectations.
EUR/USD edges lower to near 1.0750 after hawkish remarks from a Fed official
EUR/USD extends its losses for the second successive session, trading around 1.0750 during the Asian session on Wednesday. The US Dollar gains ground due to the expectations of the Federal Reserve’s prolonging higher interest rates.
Gold price remains on the defensive on a firmer US Dollar
Gold price attracts some sellers on the firmer US Dollar during the Asian trading hours on Wednesday. The hawkish remarks from Federal Reserve officials dampen hopes for potential interest rate cuts in 2024 despite weaker-than-expected US employment reports in April.
FTX files consensus-based plan of reorganization, awaits bankruptcy court approval
FTX has filed a consensus-based plan for its reorganization, coming almost two years after the now defunct FTX filed for Chapter 11 Bankruptcy Protection in the District of Delaware.
Living vicariously through rate cut expectations
U.S. stock indexes made gains on Tuesday as concerns about an overheating U.S. economy ease, particularly with incoming economic reports showing data surprises at their most negative levels since February of last year.