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AUD/USD rises as bulls push above 0.6950 toward 0.7050
Action Forex said AUD/USD is holding above the 100 and 200 hour moving averages on the 4-hour chart, with 0.7050 flagged as a level that could trigger a steady climb.
The Aussie dollar strengthened against the US dollar, with AUD/USD climbing from 0.6865 to trade above 0.6900 and 0.6950, putting the pair into a positive zone, Action Forex reports.
On the 4-hour chart, the pair cleared prior hurdles near the 50% Fibonacci retracement of the decline from 0.7088 to 0.6865 and settled above both the 100 simple moving average and the 200 simple moving average.
Action Forex flagged resistance near 0.7035 at the 76.4% Fibonacci retracement, then 0.7050 as the next major barrier, adding that a close above 0.7050 could open the door to a move toward 0.7120 and potentially 0.7200.
On the downside, the outlet cited support around 0.6965 and 0.6950, saying a breakdown and close below 0.6950 could send AUD/USD toward 0.6910 and eventually back to 0.6865. It also noted gold remains capped below $4,150, with the bears potentially targeting below $3,950.
Latest closeGold $3,981.40 ▼1.6%