AUD/USD is in a strong bear market, testing the October low as resistance amid bullish signals. If prices exceed $0.627, the pair could start a new consolidation phase, aiming for $0.633.
AUDUSD Technical Analysis – 23-December-2024
The Australian dollar is in a downtrend against the Greenback, below the 75-period simple moving average, and inside the bearish flag. The selloff eased after the prices fell to $0.619 amid oversold signals given by RSI 14 and Stochastic. Consequently, the currency pair initiated a consolidation phase, erasing 1.2% of its recent losses in the previous trading session.
As of this writing, AUD/USD trades at approximately $0.625, testing the immediate resistance.
AUD/USD Potential Rebound Aiming for $0.633
The immediate resistance is at $0.627. From a technical perspective, the uptick momentum from $0.620 could extend to higher resistance levels if bulls pull AUD/USD above $0.627. In this scenario, the next bullish target could be $0.634.
- Also read: GBPUSD Close to 1.261 With Bullish Momentum
Bearish Scenario
Please note that the bearish scenario should be invalidated if AUD/USD dips below $0.620. If this scenario unfolds, the downtrend will likely be triggered again, targeting $0.615.
