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So far, the scales are tilting towards the Fed, and this is the strongest factor in favor of the US dollar in the AUD/USD pair (see also today’s Fundamental Analysis). In this regard, today it will be interesting to hear the opinion of the head of the Fed, Jerome Powell, on this matter. He (at 18:30 GMT) will give a presentation on the prospects for the US economy and the labor market.
Below the resistance levels of 0.6760, 0.6840, 0.6900, short positions remain preferable. But for their resumption, a signal is needed. Probably, the first such signal will be the breakdown of the support level 0.6690, and the confirming one – the support level 0.6600.
A break of the support level of 0.6600 will also mean a revival of the downward dynamics and a return of AUD/USD inside the downward channel on the weekly chart.
In an alternative scenario, AUD/USD will once again attempt to break into the zone above the resistance level of 0.6760. But, most likely, there will be a rebound from this level or a little higher and closer to the key resistance level of 0.6840, and further movement will follow a scenario that is negative for AUD/USD.
*) for the events of the week, see the overview The most important economic events of the week 11/28/2022 – 12/04/2022
Support levels: 0.6690, 0.6638, 0.6600, 0.6565, 0.6500, 6455, 0.6380, 0.6285, 0.6200, 0.6170, 0.5975, 0.5665, 0.5510
Resistance levels: 0.6760, 0.6800, 0.6840, 0.6900
· see details -> https://www.instaforex.com/ru/forex_analysis/328603/?x=PKEZZ
· signals -> https://www.mql5.com/en/signals/author/edayprofit
· see also “Technical analysis and trading recommendations” -> https://t.me/fxrealtrading
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Image and article originally from www.mql5.com. Read the original article here.