AUDUSD at 1 year lows: Will 0.7000 break?

After being stopped dead by strong bids below 71.45 cents back in August, the Aussie bounced back against the US dollar only to meander aimlessly around it flattening daily 60MA as per the daily chart below.

AUDUSD Daily Chart
AUDUSD Daily Chart

AUDUSD finally broke thru that 71.45 cent support towards end-November to test and bounce off the convenient round number target of 70 cents.

If 70 breaks convincingly, the next target should be 67.65 cents

Scalpers would take care to take heed of what the following H4 and H1 charts are telling us.

AUDUSD H4 Chart
AUDUSD H4 Chart

On the H4 chart above, price action is in danger of breaking above its 60MA which may slow down the current downtrend.

AUDUSD H1 Chart
AUDUSD H1 Chart

On the H1 chart above, the Aussie broken clean above its 60 MA to test offers above 71.35 cents.

The targeted support and resistance levels are in the latest colored boxes on the respective charts.

Price action would have to cross their respective colored zones to confirm any meaningful change or extension in trend.

As always, all prior support and resistance lines were still respected and will likely continue to be.


All displayed chart support/resistance lines are either historical levels or actual confirmed order book levels currently being traded by major players based on available market intelligence.

Disclaimer: This content is for educational purposes only. It does not constitute trading or investment advice. Past performance does not indicate future results. Do not invest more than you can afford to lose.

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