The Australian Dollar (AUD) continued to decline against the US Dollar (USD) and tested the 0.6440 support level. However, it managed to bounce back above a bearish trend line with resistance at 0.6480 on the 4-hour chart. On the other hand, Bitcoin saw significant gains and reached a new all-time high above $94,000. Meanwhile, the Euro (EUR) is currently correcting losses and trading near the 1.0550 zone.
Analyzing the technical aspects of AUD/USD, the currency pair faced a fresh decline below the 0.6550 support level. After testing the 0.6440 zone, AUD/USD is now trying to recover. The pair settled below the 0.6550 level, as well as the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). However, it managed to form a low at 0.6440 and moved above the 0.6500 resistance level.
By clearing a bearish trend line with resistance at 0.6480 on the 4-hour chart, AUD/USD showed signs of a potential upward movement. It also surpassed the 23.6% Fibonacci retracement level of the downward move from the 0.6687 swing high to the 0.6440 low. Moving forward, the pair could encounter resistance near the 0.6550 level, with a possible increase if it closes above this level. The next significant resistance levels to watch are at 0.6630 and 0.6660.
In terms of support, AUD/USD has immediate support at 0.6480 and a key support at 0.6440. Further downward movement could push the pair towards the 0.6400 level or even 0.6350 in the short term. As for Bitcoin, the cryptocurrency continues to gain traction and hit a new all-time high above $94,000, signaling a potential for further upward movement.
Looking ahead, some upcoming economic events to keep an eye on include the US Initial Jobless Claims with a forecast of 220K versus the previous 217K, as well as the Philadelphia Fed Manufacturing Survey for November 2024 with a forecast of 8 versus the previous 10.3.
In conclusion, while the AUD/USD recovery faces some resistance, there are indications of a possible upward movement. With Bitcoin reaching new heights and upcoming economic events on the horizon, the foreign exchange and cryptocurrency markets are poised for potential volatility and trading opportunities.
