The AUD/USD chart is currently showing a bullish momentum overall, which is supported by the price being above a major ascending trend line. The 1st support level at 0.6749 is a strong level of support as it is an overlap support level with a 23.60% Fibonacci retracement. In addition, there is another overlap support level at 0.6703, which coincides with a 38.20% Fibonacci retracement, making it another potential level of support.
On the resistance side, the multi-swing high resistance level at 0.6793 and the overlap resistance level at 0.6822 are both strong levels of resistance that the price may struggle to break through. The overlap resistance level at 0.6822 is particularly significant as it coincides with a 127.20% Fibonacci extension.
Despite the potential for resistance at these levels, the strong momentum of the chart suggests that there is potential for a bullish continuation towards the 1st resistance level. It is important to keep in mind that the current price is above the major ascending trend line, indicating that further bullish momentum may be expected.
The material has been provided by InstaForex Company – www.instaforex.com
The AUD/USD chart is currently showing a bullish momentum overall, which is supported by the price being above a major ascending trend line. The 1st support level at 0.6749 is a strong level of support as it is an overlap support level with a 23.60% Fibonacci retracement. In addition, there is another overlap support level at 0.6703, which coincides with a 38.20% Fibonacci retracement, making it another potential level of support.
On the resistance side, the multi-swing high resistance level at 0.6793 and the overlap resistance level at 0.6822 are both strong levels of resistance that the price may struggle to break through. The overlap resistance level at 0.6822 is particularly significant as it coincides with a 127.20% Fibonacci extension.
Despite the potential for resistance at these levels, the strong momentum of the chart suggests that there is potential for a bullish continuation towards the 1st resistance level. It is important to keep in mind that the current price is above the major ascending trend line, indicating that further bullish momentum may be expected.
The material has been provided by InstaForex Company – www.instaforex.com
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