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Technical analysis of AUD/USD dated 2023.08.17. – An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

 

• First key support level of EUR/USD: 1.087548
• Second Key support level of EUR/USD: 1.083464
• Third Key support level of EUR/USD: 1.07777
• First key resistance level of EUR/USD: 1.09110
• Second Key resistance level of EUR/USD: 1.095
• Third Key resistance level of EUR/USD: 1.104

• First key support level of USD/CHF: 0.87804
• Second Key support level of USD/CHF: 0.87440
• Third Key support level of USD/CHF: 0.86999
• First key resistance level of USD/CHF: 0.91700
• Second Key resistance level of USD/CHF: 0.88600
• Third Key resistance level of USD/CHF: 0.89187

• First key support level of GBP/USD: 1.271143
• Second Key support level of GBP/USD: 1.267613
• Third Key support level of GBP/USD: 1.262
• First key resistance level of GBP/USD: 1.276684
• Second Key resistance level of GBP/USD: 1.2814
• Third Key resistance level of GBP/USD: 1.287663

• First key support level of USD/JPY: 146
• Second Key support level of USD/JPY: 145.53
• Third Key support level of USD/JPY: 145.093
• First key resistance level of USD/JPY: 146.41
• Second Key resistance level of USD/JPY: 147
• Third Key resistance level of USD/JPY: 148.5

 

Technical analysis of AUD/USD dated 2023.08.17

 

The AUD/USD pair has been in a sharp descending trend without correction for the past 4 weeks and during this descending trend, sellers have reached to the lowest price level (i.e. 0.64158).

Please note that in long-term time periods (e.g. monthly and weekly) there is no clear reason for the price increase and if the current support levels (e.g. 0.64158) are broken, the price will have more descending potential and it will reach the important levels (i.e 0.64000 and finally up to 0.63000).

In shorter time periods (i.e. daily and 4 hours) the price is oversold completely and it informs us about forming a price floor potential and also warns us about correction and ascent during the next candles (although weak).

The formation of the reverse hammer candlestick pattern in the 4-hour time period has issued the initial signal for a trend reversal but because of the weak strength of this pattern, we need the confirmation of at least one ascending candle and stabilization of the price floor.

If a fixed price floor is formed on the ascending line (i.e. this line consists of two support points and is visible in the weekly time period) or other support levels are created, the ascending potential price and the descending trend correction will reach the resistance levels (0.64570 and finally up to 0.6503).

 

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