As of writing, AUD/USD is trading near 0.6250, just below the first notable resistance at 0.6255 (200 EMA on the 15-minute chart). Given the strong bearish momentum of the overall downward trend in AUD/USD, we can expect a rebound and a resumption of decline already near this resistance level.
If it is broken, then the next point of the upward correction will be the level of 0.6325 (through it passes the resistance level in the form of a 200-period moving average on the 1-hour chart). But even after its theoretically possible breakdown, the corrective growth of AUD/USD will be limited, at least, by the important resistance levels of 0.6545, 0.6600, 0.6620 (50 EMA on the daily chart).
In the main scenario, we expect a rebound from the current levels and a resumption of the decline. More conservative AUD/USD sellers will probably decide to wait for the breakdown of the local support levels of 0.6200, 0.6170.
Support levels: 0.6200, 0.6170, 0.5975, 0.5665, 0.5510
Resistance levels: 0.6255, 0.6325, 0.6455, 0.6500, 0.6545, 0.6620, 0.6685
Trading Tips
Sell Stop 0.6220. Sell Limit 0.6320. Stop-Loss 0.6355. Take-Profit 0.6200, 0.6170, 0.5975, 0.5665, 0.5510
Buy Stop 0.6355. Stop-Loss 0.6290. Take-Profit 0.6400, 0.6455, 0.6500, 0.6545, 0.6620, 0.6685
Relevance up to 12:00 2022-10-22 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
