FX.co - AUD/USD Update for August 25, 2023 - Potential for the further rally

25 August 2023 at 8:10AM (UTC+0)

Relevance until26 August 2023 at 8:10AM (UTC+0)

Technical analysis:

AUD/USD Update for August 25, 2023 - Potential for the further rally

AUD/USD has been trading upside this morning and I found fake breakout to the downside and potential for the rally in next period.

Due to the fake breakout of the support and the bullish divergence in the momentum, I see potential for the further growth towards upside references.

Upside objectives are set at the price of 0.6445 and 0.6465

Stochastic oscillator is showing fresh bull cross and bullish divergence , which is another good sign for the further upside movement.

Key support is set at the price of 0.6400

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ AUD/USD Update for August 25, 2023 - Potential for the further rally