FX.co ★ AUD/USD outlook for February 20, 2023

The AUD/USD pair is rising today, after last week's decline, amid the weakening of the U.S. dollar.

Rebounding from today's low at 0.6863 and an important medium-term support level (200 EMA on the daily chart), AUD/USD is strengthening towards important short-term resistance levels 0.6919 (200 EMA on the 1-hour chart), 0.6924 (200 EMA on the 4-hour chart).

Their breakdown will strengthen the pair's upside potential towards the key long-term resistance levels 0.7075 (144 EMA on the weekly chart), 0.7140 (200 EMA on the weekly chart), below which AUD/USD remains in the long-term bear market zone.

In an alternative scenario, the first signal for the resumption of short positions may be a breakdown of the 0.6860 support level, and confirming this is the 0.6830 support level (144 EMA on the daily chart) and the local February low at 0.6812.

A further decline will indicate the return of AUD/USD to a long-term downward trend.

Support levels: 0.6900, 0.6860, 0.6830, 0.6800, 0.6720, 0.6700, 0.6665, 0.6635

Resistance levels: 0.6919, 0.6924, 0.7000, 0.7040, 0.7075, 0.7100, 0.7140

Trading scenarios

Sell Stop 0.6880. Stop-Loss 0.6940. Take-Profit 0.6860, 0.6830, 0.6800, 0.6720, 0.6700, 0.6665, 0.6635

Buy Stop 0.6940. Stop-Loss 0.6880. Take-Profit 0.7000, 0.7040, 0.7075, 0.7100, 0.7140