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AUDUSD Upward Movement Stopped Around 0.68

12/12/2022 2:04 PM

After updating the November high of 0.6800, the "bulls" took a pause, which may last until December 14, when the US Fed announces a decision on the interest rate. It is likely that the US financial authorities will adjust the value by 50.0 basis points to 4.50%, and if the forecast is justified, then we can expect a strengthening of the position of the USD and a decline in the AUD/USD pair to the level of 0.6585.

If we pay attention to the daily chart of the trading instrument, it can be noted that resistance has formed in the area of the 0.6800 level, which prevents the continuation of the uptrend. If this mark is held, a downward correction is likely, the target of which will be the support level of 0.6585. In turn, a breakout of the 0.6800 mark will give the prospect of an upward movement of quotations to the resistance area of 0.6900.

The mid-term trend is upward. Last week, buyers updated the November high and consolidated above it. Therefore, the new target for purchases is the target zone 0.6929–0.6909. If the current correction continues, it will be possible to assume a price decline to the area of key trend support 0.6651–0.6631, after reaching which it will be possible to consider new purchases with a target at last week's maximum of 0.6850.

Resistance levels: 0.6800, 0.6900, 0.7000. | Support levels: 0.6585, 0.6500.

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