Aussie Dollar on the Verge of Breakout: Key Technical Level Holds Firm
AUD/USD traders are keeping a close watch today as the currency pair — listed on Forex (commonly referred to as AUDUSD) — finds solid footing at the 100‑bar moving average on the 4‑hour chart, currently around 0.65025. This technical anchor, which sits in the forex/commodities-linked sector, has helped shift short-term bias upward.
Last week's peak near 0.65622 stands as the immediate resistance. A clear break above that level could pave the way for a move toward 0.6586, aligning with the upper trendline resistance. Support remains at the 100‑bar MA (~0.65025); failure to hold could send the pair back toward the 200‑bar MA (~0.6465) or the swing zone between 0.6355–0.6372.
Market factors playing into today’s price action include tepid Australian inflation (up only 0.1% MoM in June, slower than the expected 0.2%) and Chinese manufacturing softness — both weighing on the AUD. Meanwhile, broader USD weakness and optimism around US trade talks are providing tailwinds for risk-linked currencies like the Aussie.
In summary, holding above 0.65025 keeps bulls in control. A rally past 0.6562–0.6563 would likely trigger a surge toward 0.6586. However, a drop below the moving average zone could shift momentum lower.