AUD/USD is trading near a 3-week low

On Friday, the AUD/USD pair was trading in the range of 0.6200-60 and closed the session in negative territory near the price of 0.6210. Today, the pair started trading with a sharp decline from 0.6165 to a 5-year low of 0.6090, but soon rose to 0.6140, regaining most of the lost position. The pair is currently trading near a 3-week low. On the hourly chart, AUD/USD remains below the MA (200) H1 moving average line (0.6255). The situation is similar on the four-hour chart. Based on the above, it is probably worth following the southern direction in trading and as long as the pair remains below MA (200) H1, you should look for entry points to sell at the end of the correlation.

Resistance levels are at: 0.6165, 0.6200, 0.6255-60

Support levels are at: 0.6090, 0.5980, 0.6875

The main scenario for the pair's advance suggests a breakout of the session low of 0.6090 and a possible decline to 0.5980 (April 3’ 2020 low)

An alternative scenario for the pair's advance implies a breakout of the session high of 0.6165 (Jan 17 low), an increase to 0.6200 (Jan 30 low) and then maybe to 0.6255-60 (Jan 31 high, MA (200) H1)