Key Highlights
- AUD/USD started a fresh decline below the 0.6300 support.
- A key bearish trend line is forming with resistance at 0.6275 on the 4-hour chart.
- EUR/USD is consolidating below the 1.0870 resistance zone.
- Gold prices rallied further toward the $3,150 level.
AUD/USD Technical Analysis
The Aussie Dollar failed to continue higher above the 0.6330 resistance against the US Dollar. AUD/USD started a fresh decline below 0.6300 and tested 0.6220.
Looking at the 4-hour chart, the pair traded as low as 0.6218 and settled below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). The pair is now consolidating losses and struggling to start a steady increase.
On the upside, the pair is facing resistance near the 0.6270 level. There is also a key bearish trend line forming with resistance at 0.6275 on the same chart.
The next major resistance is near the 0.6288 level. The main resistance is now forming near the 0.6300 zone and the 100 simple moving average (red, 4-hour). A close above the 0.6300 level could set the tone for another increase. In the stated case, the pair could even clear the 0.6330 resistance.
On the downside, immediate support sits near the 0.6220 level. The next key support sits near the 0.6200 level. Any more losses could send the pair toward the 0.6165 level.
Looking at Gold, the bulls remained in action and pushed the price to a new record high above the $3,145 level.
Upcoming Economic Events:
- US ADP Employment Change for March 2025 – Forecast 105K, versus 77K previous.
- US Liberation Day Tariff Announcements.
