AUD/USD technical analysis: Nearing key resistance at 0.6719

AUD/USD has charted a double bottom pattern on the hourly chart.
A break above the neckline resistance of 0.6719 is needed to confirm a bullish breakout.

Omkar Godbole FXStreet Contributor

AUD/USD is flashing green at press time despite the weak Australian trade data. The currency pair needs to rise above key resistance at 0.6719 to confirm a bullish breakout.

As of writing, the currency pair is trading at 0.6714, representing 0.13% gains on the day, having hit a high of 0.6717.

On the hourly chart, the pair has charted a double bottom pattern with the neckline resistance at 0.6719. Acceptance above that level would confirm a double bottom breakout or a bearish-to-bullish trend change.

A breakout, if confirmed, would open the doors for 0.6767 (target as per the measured move).

The bullish case would weaken if the pair faces rejection at the double bottom neckline and falls below the descending (bearish) 50-hour MA, currently at 0.6703.

Hourly chart

Trend: Bullish above 0.6719

Technical levels

AUD/USD

Overview
Today last price	0.6716
Today Daily Change	0.0010
Today Daily Change %	0.15
Today daily open	0.6706

Trends
Daily SMA20	0.6805
Daily SMA50	0.6795
Daily SMA100	0.6876
Daily SMA200	0.699

Levels
Previous Daily High	0.6719
Previous Daily Low	0.667
Previous Weekly High	0.6806
Previous Weekly Low	0.6738
Previous Monthly High	0.6895
Previous Monthly Low	0.6687
Daily Fibonacci 38.2%	0.67
Daily Fibonacci 61.8%	0.6689
Daily Pivot Point S1	0.6678
Daily Pivot Point S2	0.665
Daily Pivot Point S3	0.6629
Daily Pivot Point R1	0.6726
Daily Pivot Point R2	0.6747
Daily Pivot Point R3	0.6775

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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