AUDUSD price drops, will it bounce back or not?
Updated
Hello everyone! Currently, the AUD/USD is approaching the 0.6400 level after experiencing fresh selling pressure during Asian trading on Wednesday. The US dollar is recovering even as the market becomes cautious amidst rising oil prices and important inflation data from the US.
On the 4-hour chart, AU is gradually narrowing its downward trend. A drop below 0.6400 would weaken the prospects for the Aussie dollar. Conversely, a breakout above 0.6440 would open up opportunities for greater profits in the future.
Support levels: 0.6420, 0.6405, and 0.6355
Resistance levels: 0.6445, 0.6475, and 6505
On the 4-hour chart, AU is gradually narrowing its downward trend. A drop below 0.6400 would weaken the prospects for the Aussie dollar. Conversely, a breakout above 0.6440 would open up opportunities for greater profits in the future.
Support levels: 0.6420, 0.6405, and 0.6355
Resistance levels: 0.6445, 0.6475, and 6505
Note
Attention will shift to the Australian employment data and the US Producer Price Index (PPI) for August on Thursday. These figures could give a clear direction to the AUD/USD pair.Note
AU is increasing as predicted
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