AUD/USD – potential for more upside

Following the Fed announcement yesterday, the dollar weakened and this helped AUD / USD to climb higher, breaking 100 MA on the 1H chart (orange line).

Currently AUD / USD is testing the level of the short term resistance at 0.5964-85. Just above this level is 200 MA (purple line) – 0.60030. A breakthrough will be an indicator that buyers will take short-term control.

Resistance levels:

  • 0.60060
  • 0.60973
  • 0.62485

In order to maintain its positive movement, AUD / USD should find support at around 0.5893-0.5905

Support levels:

  • 0.58973
  • 0.57420
  • 0.55440

So far, the level of around 200 MA on the 1H chart and the psychological level of 0.6000 remain key to further upside of the AUD price.

 Junior Trader Radi Djuma

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