The AUD/USD pair showcases a cautiously bullish sentiment as it nears the 0.6400 mark, a critical level observed by traders. Recent technical analysis indicates a pivotal zone around the 2023 yearly open/downtrend resistance, with the pair displaying resilience around the 0.6331 level, flipping it into a support. Despite a sharp descent below the 20-day Simple Moving Average (SMA), the pair is eyeing a crucial support area, hinting at potential upside momentum.Moreover, traders are keeping a close eye on the significant level at 0.64, which historically played a pivotal role in the currency pair's movements. The recent recovery from a Year-To-Date low, flipping a crucial resistance level into support, along with the gradual approach towards the target of 0.6400, outlines a slightly bullish bias for the pair in the near term.
Buy LimitEntry Point: 0.6331
Take Profit 1 (TP1): 0.6400
Stop Loss: 0.6286
Buy LimitEntry Point: 0.6331
Take Profit 1 (TP1): 0.6400
Stop Loss: 0.6286
Trade active
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.