Four-hour support 0.6930 (green) prevented the Australian dollar to fall again. As a result, there is still 0.70 as an upward target. If the above support breaks, the four-hour candlestick will fall to 0.69 and the July’s opening level 0.6901. Below this, there is a severe lack of support for the pair until drops to Quasimodo support 0.6840.
In the weekly time frame, the opening level of 2020 0.7016 and the opening level of 2019 0.7042 will be acted as a resistance. Some traders may notice that the above-mentioned resistance is below the 61.8% Fibonacci retracement ratio 0.7128 (green). The 0.6677 level will act as support in the weekly time frame.
Looking at the candle in the daily time frame, it is seen that the price is out of expectation as no technical structure can be noticed, although the price is in an upward trend. In this week’s Daily Time Frame, many may be looking at Quasimodo Resistance 0.7049, which is linked to the trend line support (currently Resistance) from the low of 0.6670. The 0.6751 and 200-day SMA (orange – 0.6673) will also act as support in the daily time frame.
With weekly opening weekly resistance 0.7016 and 0.70 standing together in a four-hour time frame, prices could reverse from this zone this week.
On the other hand, if you cross 0.70, the four-hour Quasimodo resistance 0.7042 will catch everyone’s eye. Which is not only close to the opening level of 2019, but also with Daily Resistance 0.7049.
below from there support will be 0.69 handle and July’s opening level 0.6901 in the four-hour time frame.