Market NewsTechnical Analysis

AUD/USD: Bear Moves with Strength amid Bull’s Territory

  • AUD/USD is traded around the swing high on the H4 chart.
  • The simple moving average 30 has been working as a support.
  • The H1 chart looks bearish breaching today’s lower low.
  • Intraday minor charts have been bearish as of writing.
AUD/USD H4 chart
AUD/USD H4 chart

AUD/USD-Technical Analysis- H4 chart

The chart shows that the price was up trending by obeying a trend line. It then found a resistance and had a rejection at 0.66770. The price made a bearish correction and found its support around the SMA 30 again. Upon producing a bullish reversal pattern, it made a bullish move and found its resistance around the last swing high. As of writing, the pair is traded around the level. A bullish breakout may push the price towards the North. The price may find its resistance around 0.68000.

On the contrary, if the price produces a bearish reversal, the sellers may keep their eyes to go short in the pair below the SMA 30’s support. In that case, the price may find its support around 0.65200.

AUD/USD H1 chart
AUD/USD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been having a bearish correction upon finding its resistance around 0.67000. On its way, it made a significant breakout at 0.66635. If the chart consolidated around this level and produces a bearish reversal pattern, the sellers may be interested to go short in the pair below the trend line’s support. However, the trend line’s support seems to be a little far then where the pair is traded right now.

On the other hand, if the price continues to move towards the South, it may find its support at the trend line. A bullish reversal pattern at the trend line’s support may push the price towards the North at the last swing high. A bearish breakout may drive the price towards 0.65700.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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