As we pointed out in our Fundamental Analysis today, AUD/USD is trading near 0.6740 at the time of writing, moving within a descending channel on the weekly chart and holding below key resistance levels 0.7250, 0.7075 . A breakdown of the local support at 0.6700, 0.6685 is likely to become a driver for a further decline in AUD/USD.
In an alternative scenario, and after the break of the 0.6770, 0.6797 resistance levels AUD/USD will go (as part of an upward correction) towards the 0.6866, 0.6890 resistance levels. It is still too early to talk about stronger growth. In the main scenario, we expect AUD/USD to decline.
The driver could be today’s release of important US macro statistics at the start of the US trading session (for details, see the Most important economic events of the week 12/09/2022 – 18/09/2022), if it confirms or exceeds market expectations.
Support levels: 0.6700, 0.6685, 0.6600, 0.6500, 0.6455, 0.6270, 0.5975, 0.5665, 0.5510
Resistance levels: 0.6770, 0.6796, 0.6866, 0.6890, 0.6900, 0.7000, 0.7020, 0.7037, 0.7075, 0.7100, 0.7130, 0.0720, 0.0720, 0.0720
• See details -> https://www.instaforex.com/ru/forex_analysis/321819/?x=PKEZZ
• signal -> Insta79 -> https://www.mql5.com/en/signals/1617289
• see also “Technical Analysis and Trading Recommendations” -> https://t.me/fxrealtrading
