VOT Research Desk

Technically, the AUD/USD pair has so far maintained a two-week-old ascending trend line and shown some durability near the 100-day SMA.

Therefore, it will be wise to hold off on declaring that spot prices have established a near-term top until significant follow-through selling occurs below the 0.6680 level, or the weekly low.

The ensuing decline could reach the intermediate support around 0.6635 and 0.6640 on the way to 0.6600.

A strong horizontal resistance breakpoint near the 0.6500 psychological level will become visible if there is some follow-through selling below the 0.6585 zone.

Near the static resistance of 0.6745-0.6750, however, any significant upward movement would prompt some selling.

The 0.6800 level follows, and if it is crossed, the AUD/USD pair may return to testing the multi-month peak, which is situated around that level. this week, the region of 0.6850 was touched.

The upward trend may continue, pushing spot prices up toward the 0.6900 level on the way to the September monthly peak of 0.6915.

The path to regaining the psychological level of 0.7000 should be cleared by some follow-through buying.

VOT Research Desk

As a result of the 100-day SMA’s alignment with a more than two-week-old ascending trend line, it should now serve as a turning point.

The aforementioned support is currently located around 0.6690, and if it were to be decisively broken, it might open the door for a deeper corrective slide.

The AUD/USD pair might then pick up speed as it approaches the intermediate support area between 0.6640 and 0.6490 on its way to the 0.6600 level and last week’s swing low, which is located around 0.6585.

A significant horizontal resistance breakpoint, located around the 0.6500 psychological level, will be shown by some follow-through selling.

On the other hand, any additional move up could be stopped by static resistance in the 0.6760–0.6770 region. Next is the 0.6800 level, above which it is likely that the AUD/USD pair will climb back to challenge the multi-month top, located around the 0.6850 area Monday was touched.

The increasing trend may finally push spot prices up to the 0.6900 level on the way to the September monthly peak, which is located around the 0.6915 level.

Bulls should be able to target the 0.7000 psychological level once more for the first time since August with some follow-through purchasing.