The AUD/USD pair is currently displaying a weak bullish trend. The anticipation is for a bullish break above the first resistance level, potentially heading towards the second resistance level. The first resistance at 0.6591, which coincides with the 23.60% Fibonacci retracement, is seen as an overlap resistance. If the price surpasses this level, it could target the second resistance at 0.6716, identified as an overlap resistance aligning with both the 50.00% retracement and 61.80% projection Fibonacci levels. Conversely, if the price falls, the first support level at 0.6502 (an overlap support) is crucial. If this level is breached, the second support level at 0.6303, also an overlap support, becomes relevant.
The material has been provided by InstaForex Company – www.instaforex.com
The AUD/USD pair is currently displaying a weak bullish trend. The anticipation is for a bullish break above the first resistance level, potentially heading towards the second resistance level. The first resistance at 0.6591, which coincides with the 23.60% Fibonacci retracement, is seen as an overlap resistance. If the price surpasses this level, it could target the second resistance at 0.6716, identified as an overlap resistance aligning with both the 50.00% retracement and 61.80% projection Fibonacci levels. Conversely, if the price falls, the first support level at 0.6502 (an overlap support) is crucial. If this level is breached, the second support level at 0.6303, also an overlap support, becomes relevant.
The material has been provided by InstaForex Company – www.instaforex.com
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