As we noted in our Fundamental Analysis today, the AUD/USD is trading near 0.6740 as of this writing, moving inside a descending channel on the weekly chart and staying below key resistance levels 0.7250, 0.7075. A breakdown of the local support at 0.6700, 0.6685 is likely to become a driver for further AUD/USD decline.
In an alternative scenario, and after the breakdown of the resistance levels 0.6770, 0.6797 AUD/USD will go (as part of an upward correction) towards the resistance levels 0.6866, 0.6890. It is still too early to talk about stronger growth. In the main scenario, we expect AUD/USD to decline.
The driver could be today's publication of important US macro statistics at the beginning of the American trading session (for more details, see the Most Important Economic Events of the Week 09/12/2022 – 09/18/2022), if it is confirmed or exceeds market expectations.
Support levels: 0.6700, 0.6685, 0.6600, 0.6500, 0.6455, 0.6270, 0.5975, 0.5665, 0.5510
Resistance levels: 0.6770, 0.6796, 0.6866, 0.6890, 0.6900, 0.7000, 0.7020, 0.7037, 0.7075, 0.7100, 0.7130, 0.7200, 0.7250
• See details -> https://www.instaforex.com/ru/forex_analysis/321819/?x=PKEZZ
• signal -> Insta79 -> https://www.mql5.com/en/signals/1617289
• see also “Technical analysis and trading recommendations” -> https://t.me/fxrealtrading
