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Current trend

The Australian dollar moved to rapid growth against the US one after a protracted fall in September.

In early October, the pair rebounded from the historic low of 0.6670 and headed up. Having gained 100 points, the instrument corrected down, but failed to consolidate below the key level of 0.6710. The upward momentum resumed and the pair gained another 90 points in two days, having passed strong resistance levels of 0.6770, 0.6780 on its way. Now the instrument is trading at 0.6800, which is also a strong resistance level. The catalyst for growth was weak data on the US inflation and labor market.

Support and resistance

In the future, growth is expected to 0.6820, 0.6880, 0.6895. In the medium term, one should not expect a serious strengthening; most likely, it is only a protracted upward correction before a new downward wave. In the medium term, the trend remains downward, with the upper border at 0.6895, 0.6915. In this situation, one should open short rather than long positions from key resistance levels, although the pair can gain more than 100 points.

Technical indicators on the D1 chart and above still give a decline signal: MACD indicates the preservation of the high volume of short positions, and Bollinger Bands are pointing downwards.

Support levels: 0.6780, 0.6770, 0.6720, 0.6710, 0.6670, 0.6630, 0.6600.

Resistance levels: 0.6820, 0.6850, 0.6880, 0.6895, 0.6915, 0.6970, 0.7000.