AUD/USD finds support near 0.6300

Source: Dukascopy Bank SA


The Australian Dollar has continued to decline in a large scale channel down pattern against the US Dollar throughout 2023. However, in late November the pair started to find support in the 0.6275/0.6290 range. The range was strong enough to eventually cause a surge that broke the 50-day simple moving average and the 0.6450/0.6500 zone.

Most recently, the rate's surge reached the 200-hour simple moving average and the 0.6570/0.6600 zone. At the time of this review, the zone had held for a week.

A move above 0.6600 is expected to face resistance of the upper trend line of the 2023 channel down pattern and possibly the 0.6650 level. If the pattern is broken, the pair could move up and test the resistance of the 0.6785/0.6820 zone.

On the other hand, a resumption of the broader decline might look for support in the mentioned levels at 0.6450/0.6500, 0.6275/0.6290 and the 50-day simple moving average near 0.6400.
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