FxNews—The Australian dollar trades bearish in the channel and below the 100-period SMA against the U.S. Dollar. As of this writing, the AUD/USD pair trades at approximately $0.649, testing the 50-SMA as active support.
AUDUSD Technical Analysis
The immediate resistance is at the 78.6% Fibonacci retracement level ($0.674). From a technical perspective, the downtrend will likely resume if bears push AUD/USD prices below $0.657.
In this scenario, the next bearish target could be visiting the November 14 low at $0.641.
The Bullish Outlook
Please note that the bearish outlook should be invalidated if AUD/USD prices exceed the immediate resistance at $0.654. If this scenario unfolds, the bullish wave that began mid-November could extend to the next resistance level at $0.66.
- Support: 0.649 / 0.644 / 0.641
- Resistance: 0.654 / 0.66 / 0.664