Yesterday the AUD/USD traded slightly higher and closed the day in positive territory around $0.6965. Today it was trading in a narrow range of $0.6950-70, staying close to yesterday's closing price. On the hourly chart, AUD/USD is testing the strength of the support - the moving average line MA (200) H1 ($0.6965). On the four-hour chart, the AUD/USD is still above the MA 200 H4 line. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as the AUD/USD remains above MA 200 H4, it may be necessary to look for entry points to buy at the end of the correction.
Resistances levels are at: $0.6990, $0.7045, $0.7070
Support levels are at: $0.6935, $0.6905, $0.6885
Probably, the main scenario is continuation of the upward movement towards $0.6990 (Aug 4 high).
Alternative scenario is fixing below MA 200 H1 with subsequent decline to $0.6835 (low of the European session on Jul 19).
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