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Forex market technical analysis by Atirox for AUD/USD

Current trend

On the 4-hour chart, the instrument is growing along the upper line of the Bollinger Bands. At the moment the price has met the resistance at the level of 0.68380.
Assuming the pair’s ability to cross this level, the mark of 0.68512 can be targeted if holding long positions. The area of 0.68512-0.68665 seem a strong resistance area which can restrict further rise. Meanwhile, the breakout of 0.68665 will accelerate the bullish momentum and give the prospect of growth to the level of 0.68831.
Alternative scenario.
If the sellers manage to decline the rate below the level of 0.68207, the correction can continue to the area of 0.68054. Should prices continue slipping under 0.68054 mark, the level of 0.67902 might try activating an upward rebound.
Technical indicators reflect the maintenance of the current upward dynamics. Bollinger Bands are diverging on the background of bullish momentum. The volumes of MACD histogram are growing in the positive zone. Stochastic is in the overbought area and is pointed sideways.

Support and resistance

Support levels: 0.68207, 0.68054, 0.67902.
Resistance levels: 0.68380, 0.68512, 0.68665.

Trading recommendations

Long positions can be opened above the level of 0.68380 with the target at around 0.68512-0.68665 and stop-loss 0.68285.
Short positions can be opened below the level of 0.68207 with the target at around 0.68054-0.67902 and stop-loss 0.68308.

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