AUD/USD Outlook on June 30, 2023
June 30, 2023 2:22 pmVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
The Australian dollar reacted positively to the unexpected decision of the RBA to raise the interest rate at the June meeting.
From the 0.6500 mark, the price rose by 400 points to the local resistance level of 0.6900 (this mark also coincides with the upper boundary of the newly formed downward channel on the weekly chart), continuing the upward correction that started at the beginning of the month.
However, subsequently, especially after the concluded FOMC meeting on June 14, AUD/USD sharply declined from the 0.6900 mark, consistently breaking through three important medium-term support levels: 0.6755 (200 EMA on the daily chart), 0.6725 (144 EMA on the daily chart), 0.6690 (50 EMA on the daily chart).
This week, the price tested the local support level of 0.6600. A break of the local support level at 0.6565 will confirm the revival of the long-term downward dynamics of AUD/USD, sending the pair towards the lower boundary of the aforementioned downward channel, which is currently near the local lows (since April 2020) and the levels of 0.6200, 0.6285.
Below the key resistance levels of 0.7060 (200 EMA on the weekly chart) and 0.7040 (50 EMA on the monthly chart and the 38.2% Fibonacci level of the correction wave from 0.9500 to 0.5510), AUD/USD remains in the zone of the long-term bearish market, and below the resistance levels of 0.6755 and 0.6725, in the zone of the medium-term bearish market, which makes short positions preferable in the current situation.
Technical indicators OsMA and Stochastic on the daily chart also favor sellers.
In an alternative scenario, the first signal for the resumption of long positions may be a break of yesterday’s intraday high at 0.6640, and the confirming signal would be a break of the short-term resistance levels at 0.6681 (200 EMA on the 1-hour chart) and 0.6690 (50 EMA on the daily chart and 200 EMA on the 4-hour chart).
A breakout of the key resistance level at 0.6755 and the resistance level at 0.6780 (50 EMA on the weekly chart) will open the way for further growth towards the key resistance levels at 0.6975 (144 EMA on the weekly chart), 0.7040, 0.7060, which separate the long-term bearish market from the bullish one.
Support levels: 0.6600, 0.6565, 0.6500, 0.6455, 0.6390, 0.6285, 0.6200, 0.6170
Resistance levels: 0.6640, 0.6681, 0.6690, 0.6700, 0.6725, 0.6755, 0.6780, 0.6800, 0.6900, 0.6975, 0.7000, 0.7040, 0.7060
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: