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AUD/USD Could Struggle Near 0.6750, FOMC Minutes Next

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Aayush Jindal

Key Highlights

  • AUD/USD found support near 0.6595 and corrected higher.
  • It broke a key bearish trend line with resistance near 0.6640 on the 4-hour chart.
  • EUR/USD and GBP/USD might gain bullish momentum.
  • Crude oil prices are rising toward the $72.50 resistance.

AUD/USD Technical Analysis

The Aussie Dollar found support near 0.6600 after a major decline against the US Dollar. AUD/USD traded as low as 0.6595 and recently started an upside correction.

Looking at the 4-hour chart, the pair climbed above the 0.6625 resistance zone. It also broke a key bearish trend line with resistance near 0.6640.

The pair climbed above the 200 simple moving average (green, 4 hours) and the 23.6% Fib retracement level of the downward move from the 0.6899 swing high to the 0.6595 low. It is now rising toward a couple of key hurdles.

On the upside, the first major resistance is near 0.6750. It is close to the 50% Fib retracement level of the downward move from the 0.6899 swing high to the 0.6595 low. The next major resistance is near 0.6780.

If there is a move above the 0.6780 resistance, the pair could rise toward 0.6800. Any more gains might send AUD/USD toward the 0.6850 level.

Immediate support is near the 0.6640 level. The next major support is near the 0.6600 level. If there is a downside break below the 0.6600 support, the pair could decline toward the 0.6520 level in the near term.

Looking at crude oil prices, there was a fresh increase from the $66.90 zone and there could be a move toward $72.50.

Economic Releases

  • Germany’s Services PMI for June 2023 - Forecast 54.1, versus 54.1 previous.
  • Euro Zone Services PMI for June 2023 – Forecast 52.4, versus 52.4 previous.
  • UK Services PMI for June 2023 – Forecast 53.7, versus 53.7 previous.
  • FOMC Meeting Minutes.
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