The Australian Dollar trades around 0.6500 on Wednesday. The daily chart analysis shows that the AUD/USD pair has broken below a descending channel. The 14-day Relative Strength Index (RSI) is hovering near the oversold 30 level, indicating a potential upward correction soon.
Immediate support for the AUD/USD pair is around the throwback support around the 0.6470 level.
On the upside, key resistance is around the “throwback support turned resistance” at 0.6575, aligned with the nine-day Exponential Moving Average (EMA) at 0.6581. A break above this level could lead the AUD/USD pair to test the psychological level of 0.6600, with a potential aim for a six-month high of 0.6798.
BUY NZDUSD zone 0.59100-0.58900
↠ Stoploss 0.58700
→ Take Profit 1 0.59400
→ Take Profit 2 0.60100