Current trend

The AUD/USD pair has been steadily growing since the beginning of this month: during this time, the price reversed from the reversal level of 0.6469 (Murray level [2/8]) and reached 0.6897 (Murray level [ 1/8]), but last week the quotes experienced a significant correction, fell below the reversal level of 0.6713 (Murray level [6/8]) and are now trading around 0.6690.

The key for the "bears" is the 0.6652 mark (Murray level [5/8]), when it is broken down, the price will be able to continue moving within the central Murray channel to the levels of 0.6591 (Murray level [4/8]) and 0.6530 (Murray level [3/8]). The most important for the "bulls" remains the reversal mark of 0.6713 (Murray level [6/8]), supported by the middle line of the Bollinger Bands. Consolidation above it will give the prospect of returning to the area of 0.6774 (Murray level [7/8]), 0.6835 (Murray level [8/8]) and 0.6897 (Murray level [ 1/8]).

Technical indicators point out the continuation of the upward trend: the Bollinger Bands are directed upwards, the MACD histogram is declining in the positive zone, the Stochastic has entered the oversold zone and is reversing upwards.

Support and resistance

Resistance levels: 0.6713, 0.6774, 0.6835, 0.6897.

Support levels: 0.6652, 0.6591, 0.6530.

Trading tips

Long positions can be opened above 0.6713 with targets at 0.6774, 0.6835, 0.6897 and stop-loss in the area of 0.6675. Implementation period: 5-7 days.

Short positions should be opened below 0.6652 with targets at 0.6591, 0.6530 and stop-loss in the area of 0.6695.