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As we have already mentioned in our fundamental analysis, AUD/USD is likely to continue its decline amid a rate hike by the Fed and a more moderate approach by the Reserve Bank of Australia.
The pair is trading near the level of 0.6927 at the moment of writing. The price is still in the bear market, staying below the key resistance levels of 0.7130 (EMA 200 on the daily chart) and 0.7280 (EMA 200 on the weekly chart).
On lower time frames, AUD/USD is also holding below the key resistance zones of 0.6970 (EMA 200 on H4) and 0.7000 (EMA 200 on H1).
The most probable scenario is a breakout of the local support level of 0.6900 and a further decline of the price within the descending channel on the weekly chart. The lower boundary of the channel is found below the 0.6600 mark and below the 2-year low reached last month.
In an alternative scenario, AUD/USD will head towards the resistance levels of 0.7080 and 0.7130 after breaking through 0.6975 and 0.7000.
A breakout of the resistance level of 0.7280 will mean the resumption of the long-term bullish trend for the AUD/USD pair.
Yet, the main scenario is the decline of the AUD/USD pair.
(read more about how to trade AUD/USD in the article AUD/USD: main features and trading tips)
Support levels: 0.6900, 0.6850, 0.6800, 0.6700, 0.6685, 0.6660, 0.6500, 0.6455, 0.6270, 0.5975, 0.5665, 0.5510
Resistance levels: 0.6975, 0.7000, 0.7037, 0.7080, 0.7100, 0.7130, 0.7200, 0.7280
Trading recommendations:
Sell Stop 0.6890. Stop Loss 0.6960. Take Profit 0.6850, 0.6800, 0.6700, 0.6685, 0.6660, 0.6500, 0.6455, 0.6270, 0.5975, 0.5665, 0.5510
Buy Stop 0.6960. Stop Loss 0.6890. Take Profit 0.6975, 0.7000, 0.7037, 0.7080, 0.7100, 0.7130, 0.7200, 0.7280
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