Technical analysis of AUD/USD 06/08/2022

The AUD/USD currency pair continues its corrective movement within the upward channel on the (4H) chart.

The pair to break through the level of 0.7250 (50% Fibo), finding resistance at 0.7280 (upper border of the channel). After that, the price corrected to 0.7156 (lower boundary of the channel) and is currently at 0.7210.

The technical picture suggests continued growth towards the next resistance around 0.7340 (61.8% Fibo). In favor of growth is the intersection of (MA100) with (MA200) on (4H).

Cancellation of the growth development option for the pair will be a decrease in quotes below 0.7100 (crossing MA100 to MA200), which will mean going beyond the lower border of the rising channel.

AUDUSD_STPH4

Created by Joshua Hayn

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