AUD/USD Technical Analysis
In today’s analysis, we will break down the current price action and potential setups on the AUD/USD pair. The market is offering several insights on different timeframes, and we’ll explore the key levels, patterns, and likely scenarios.
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Daily Timeframe
On the daily chart, the price is currently consolidating after rejecting a support zone around 0.67200. A bullish rejection is forming, but the overall trend remains bearish due to the previous strong downward movement. The key level to watch here is the 0.67697 resistance zone. Should the price break above this level, we may see further upside momentum targeting the 0.68092 area. Conversely, a failure to break this resistance could signal more downside, potentially retesting the 0.67000 level.
Key Levels:
- Support: 0.67000 - 0.66935
- Resistance: 0.67697 - 0.68092
4-Hour Timeframe
On the 4-hour chart, the pair is showing signs of a retracement after touching the 50% Fibonacci retracement level. This is a crucial moment, as the price is hovering around a key zone near 0.67394, where bullish or bearish momentum can build. The next significant resistance sits at 0.67620, while immediate support lies around 0.67015.
A break above 0.67620 could push the price towards 0.67921 and potentially higher. On the flip side, a break below 0.67015 would likely resume the bearish trend, possibly targeting the previous low near 0.66600.
Key Levels:
- Support: 0.67015
- Resistance: 0.67620, 0.67921
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1-Hour Timeframe
The 1-hour chart offers more detailed insights for day traders. The market recently broke out of a wedge pattern, but now seems to be retesting the breakout level. If the price holds above the 0.67368 support zone, the pair may aim for a target near 0.67620, which coincides with the upper resistance zone from the 4-hour chart.
However, a bearish scenario can unfold if the price breaks below 0.67268, which could accelerate a move downward towards 0.67018.
Trade Ideas:
- Buy above 0.67368, target 0.67620 with a stop loss at 0.67268.
- Sell below 0.67268, target 0.67018 with a stop loss at 0.67368.
ConclusionThe AUD/USD pair is at a critical juncture, where the next move could either confirm a reversal or continue the prevailing bearish trend. Traders should closely monitor the 0.67620 resistance level and the 0.67000 support for clues on the next significant move. Make sure to manage your risk accordingly and follow our FourTrades Telegram Channel for live updates and trade ideas. |
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10/14/2024
