Key Highlights
- AUD/USD faced resistance near 0.6940 and started a downside correction.
- A key bullish trend line is forming with support at 0.6880 on the 4-hour chart.
- Gold could rise again and trade toward the $2,700 level.
- Bitcoin trimmed gains and traded below the $64,000 level.
AUD/USD Technical Analysis
The Aussie Dollar climbed higher toward 0.7000 against the US Dollar. AUD/USD failed to continue higher and started a correction phase.
Looking at the 4-hour chart, the pair traded as high as 0.6941 and recently corrected lower. There was a move below the 0.6920 level, but the pair remained well above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
On the downside, immediate support sits near the 0.6880 level. There is also a key bullish trend line forming with support at 0.6880 on the same chart, below which the pair might test 0.6865. The next key support sits near the 0.6800 level and the 100 simple moving average (red, 4-hour).
Any more losses could send the pair toward the 0.6750 support zone. On the upside, the bears are active near the 0.6920 level. A close above the 0.6920 level could set the tone for another increase.
The next major resistance could be 0.6940. A clear move above the 0.6940 level might send AUD/USD toward 0.7000. Any more gains might call for a test of the 0.7045 zone.
Looking at Gold, the bulls are now aiming for another increase and might aim for a move toward the $2,700 level.
Upcoming Economic Events:
- US ADP Employment Change for Sep 2024 – Forecast 120K, versus 99K previous.
 and the 200 simple moving average (green, 4-hour).){kind=link}