After today's publication of the minutes of the RBA's July meeting, the AUD/USD pair rose to an intraday and 12-day high of 0.6898, coming close to the resistance level of 0.6900 (200 EMA on the 4-hour chart). The upper limit of the descending channel on the daily chart also passes through this mark.
Obviously, this is a strong level of resistance, which cannot be overcome immediately. The price may still rise, but it needs to gain a foothold in the zone above the resistance level of 0.6900 in order to continue growing. But if it takes place, the next target of the corrective growth of AUD/USD will be the resistance levels of 0.6960 (50 EMA on the daily chart), 0.7000.
However, AUD/USD remains in the long-term bear market zone. Only a breakdown of the 0.7600 resistance level (200 EMA on the monthly chart) will bring AUD/USD into the long-term bull market zone.
So far, the downward trend prevails, which makes short positions preferable. Therefore, a rebound from the resistance level of 0.6900 and a return of AUD/USD to a downward trend looks the most logical. The first signal will be a breakdown of the local support level of 0.6850, and the confirmation signal will be a breakdown of the support level of 0.6800 (200 EMA on the 1–hour chart).
The nearest targets for the decline are the support levels of 0.6685 (local long-term and intra-month low), 0.6660 (lower line of the descending channel on the daily chart).
Support levels: 0.6850, 0.6800, 0.6700, 0.6685, 0.6660, 0.6500, 0.6455, 0.6270, 0.5975, 0.5665, 0.5510
Resistance levels: 0.6900, 0.6960, 0.7000, 0.7037, 0.7100, 0.7120, 0.7165, 0.7210, 0.7280
Trading Tips
Sell 0.6900, Sell Stop 0.6840. Stop-Loss 0.6920. Take-Profit 0.6800, 0.6700, 0.6685, 0.6660, 0.6500, 0.6455, 0.6270, 0.5975, 0.5665, 0.5510
Buy Stop 0.6920. Stop-Loss 0.6840. Take-Profit 0.6960, 0.7000, 0.7037, 0.7100, 0.7120, 0.7165, 0.7210, 0.7280