Market NewsTechnical Analysis

AUD/USD: Bull Halts at a Horizontal Resistance with the SMA 30’s Support

AUD RBA
  • AUD/USD trades around 0.67250 a strong looking horizontal resistance.
  • The pair trades around the simple moving average 30.
  • The H1 chart is trapped within a horizontal channel.
  • Intraday minor charts have been bullish.
AUD/USD H4 chart
AUD/USD H4 chart

AUD/USD-Technical Analysis- H4 chart

The chart shows that the price made a strong bullish move on the H4 chart earlier. It found its resistance around 0.67250 and consolidated there for a while. Later, it produced a bearish engulfing candle. However, the sellers did not go short. Rather, the price headed towards the Upside. As of writing, the pair trades around the resistance again.

The buyers may wait for the price to make a breakout to go long in the pair. The price may find its next resistance around 0.68150. On the downside, if the pair produces a bearish reversal candle, the sellers may keep their eyes on the pair to go short below the SMA 30’s support.

AUD/USD H1 chart
AUD/USD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price gets caught within 0.66950- 0.67250. At the last bounce, the chart produced an inverted hammer followed by a doji candle. Since then, the price has been bullish. Minor charts’ traders seem to be active to push the price towards the North. The buyers may keep their eyes to go long above the level of 0.67250. A breakout at the level followed by confirmation and bullish reversal may push the price towards 0.68000.

On the other hand, if the price makes a bearish breakout at 0.68950, the sellers may get themselves engaged to go short in the pair and drive it towards the South. The price may find its support around 0.65400.

Considering both charts, it seems that the buyers have an upper hand. The level of resistance on the H4 chart looks very strong though. If it continues to work as resistance, the pair may get bearish but it would take time. However, a bullish breakout at the resistance may make the pair bullish anytime again.

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

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data...

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators...

Gold Surges to New Record High Amid Market Turbulence

Gold reached a new record high, driven by safe-haven trades following the...

Fed’s Barr and Jefferson: High Interest Rates Here to Stay

Federal Reserve Governor Michael Barr reiterated interest rates will stay high until...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets
Market News

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data strengthens the dollar and impacts global currencies and commodities.

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends
Market News

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators for future trends.

Copyright © 2023 Forex Prop News. All Rights Reserved.