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10.07.202011:57 Forex Analysis & Reviews: Technical analysis of AUD/USD for July 10, 2020

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Overview:

The AUD/USD pair reached a new maximum at the price of 0.6960. So, today the price may reach one more maximum around the spot of 0.6960 or 0.7001.

Today, the AUD/USD pair is challenging the psychological support at 0.6938 which coincides with the ratio of 61.8% Fibonacci.

So, the support is seen at the level of 0.6938 in the one-hour time frame. We expect the AUD/USD pair to continues moving in a uptrend above the level of 0.6938 towards the first target at 0.7001, while major resistance is found at 0.7029.

On the downside, a clear break at the level of 0.6918 could trigger further bearish pressure testing 0.6874, which represents the major resistance today.

Forecast:

As a result, it is gainful to buy above this price of 0.6938 with targets at 0.7001 and 0.7029. However, the bullish trend is still expected for the upcoming days as long as the price is above 0.6918.

Daily Technical level:

Major resistance: 0.7029
Minor resistance: 0.7001
Intraday pivot point: 0.6938
Minor support: 0.6918
Major support: 0.6874

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