Technical Analysis: Australian Dollar hovers below the major barrier of 0.6550
The Australian Dollar trades near 0.6540 on Wednesday. Immediate resistance is noted at the major level of 0.6550, followed by the nine-day Exponential Moving Average (EMA) at 0.6561. A breakthrough above this level could potentially propel the AUD/USD pair towards the psychological level of 0.6600. On the downside, the 61.8% Fibonacci retracement level of 0.6528 acts as an immediate support before the psychological level of 0.6500. A breach below this support zone might exert pressure on the AUD/USD pair, potentially leading to a retest of March’s low at the 0.6477 level
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.