AUD/USD looks to test the pre-pandemic low (as resistance) at 0.6680 as the pair holds up. The bullish momentum has appeared to slow down as price action has now made a series of slightly lower highs. In fact, price action has consolidated around 0.6680 and 0.6644.

For a fresh bullish move to be considered, prices would need to take out the swing high at 0.6714 and test the 0.6730 region that kept prices at bay momentarily in December and then again in January this year. 0.6644 could also serve as a tripwire for a pullback. In the event prices head lower from here, the blue 50 day simple moving average becomes dynamic support, followed by the April 2020 level of 0.6580 – which has provided a floor for prices since early May.

AUD/USD HOLDS AROUND ELEVATED LEVELS BUT STRUGGLES TO PRINT NEW HIGH

Jun 27 2024

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