- AUD/USD bounces modestly from one-decade low.
- A bullish correction up could be on the cards.
AUD/USD daily chart
AUD/USD is chopping near one-decade lows while trading well below the main daily simple moving averages (SMAs).
AUD/USD four-hour chart
The trend is bearish, however, as the US dollar is losing steam across the board a bullish correction cannot be ruled out. Bulls would need to regain the 0.6635/0.6649 resistance cluster in order to regain some strength. Below this area, the market is likely to remain vulnerable to bearish incursions with 0.6514, 0.6480 and 0.6400 acting as potential support.
Resistance: 0.6555, 0.6635, 0.6649
Support: 0.6514, 0.6480, 0.6400
Additional key levels