For Traders

Analytical Reviews

Trading plan

03.10.202214:10 Forex Analysis & Reviews: AUD/USD Technical Analysis and Trading Tips for October 3, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

As of writing, AUD/USD is trading near 0.6450, moving inside the descending channel on the weekly chart and staying below the key resistance levels of 0.7220 (200 EMA on the weekly chart), 0.7020 (200 EMA on the daily chart).

However, as can be seen from the chart, the price hit the resistance level of 0.6455 (200 EMA on the 15-minute chart and the 23.6% Fibonacci correction to the wave of the pair's decline from the level of 0.9500 in July 2014 to the lows of 2020 near the 0.5510 mark). Its breakdown may provoke further corrective growth to the resistance levels of 0.6518 (200 EMA on the 1-hour chart), 0.6700 (200 EMA on the 4-hour chart), 0.6760 (50 EMA on the daily chart). Further growth, given the global downward dynamics of AUD/USD, is unlikely.

In the main scenario, we expect a breakdown of the local support level of 0.6400 and further decline. The breakdown of the local support level of 0.6363 (May 2020 low) will be a confirming signal for our assumption. The driver of today's movement may be today's publication of important US macro statistics.

Support levels: 0.6400, 0.6363, 0.6300, 0.6200, 0.6150, 0.5975, 0.5665, 0.5510

Resistance levels: 0.6455, 0.6518, 0.6700, 0.6760, 0.6950, 0.7020, 0.7037

Trading Tips

Sell Stop 0.6390. Stop-Loss 0.6465. Take-Profit 0.6363, 0.6300, 0.6200, 0.6150, 0.5975, 0.5665, 0.5510

Buy Stop 0.6465. Stop-Loss 0.6390. Take-Profit 0.6518, 0.6700, 0.6760, 0.6950, 0.7020, 0.7037

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.