Key Highlights
- AUD/USD started a fresh increase above the 0.7200 resistance.
- A key rising channel is forming with support near 0.7180 on the 4-hours chart.
- EUR/USD is still struggling below the 1.1350 resistance zone.
- Crude oil price extended rally above the $75.00 resistance.
AUD/USD Technical Analysis
The Aussie Dollar started a major increase from the 0.7000 support against the US Dollar. AUD/USD gained pace for a move above the 0.7120 pivot level.
Looking at the 4-hours chart, the settled above the 0.7150 level, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).
There was a decent close above the 0.7200 level. The pair even spiked above 0.7250 and it seems like the bulls are aiming more upsides. The next major resistance is near the 0.7280 level. If there is a clear move above 0.7280, the pair could even rise above 0.7300.
The next major resistance is near the 0.7350 level. A clear move above 0.7350 could start a major increase towards the 0.7500 level.
On the downside, an immediate support is near the 0.7200 level. There is also a key rising channel forming with support near 0.7180 on the same chart. Any more losses might send the pair towards the 0.7150 level.
Looking at EUR/USD, the pair is facing a strong resistance near the 1.1350 zone, above which it could gain bullish momentum.
Economic Releases
- US Pending Home Sales for Nov 2021 (MoM) – Forecast +0.5%, versus +7.5% previous.
