- Ahead of the Asian session, AUD/USD continues to move in an ascendant channel currently near the upper limit suggesting that a correction could take place, particularly if price breaks under 0.7430.
- Key short-term support at 0.7406/12 (uptrend line): a consolidation below would negate the upside bias, exposing 0.7385.
- To the upside, above 0.7450/55, the Aussie would gain support to more gains, with a potential target at 0.7480/85.
- On the daily chart, the pair continues to move sideways. The last seven weekly closes have been between 0.7400 and 0.7445.
Spot rate: 0.7437
High: 0.7440
Low: 0.7401
Trend: Bullish
Resistance 1: 0.7450
Resistance 2: 0.7485
Resistance 3: 0.7500
Support 1: 0.7410
Support 2: 0.7385
Support 3: 0.7360
Share
