Market NewsTechnical Analysis

AUD/USD: Bull is All Set to Make another Move

  • AUD/USD has been bullish on the H4 chart.
  • The pair produced a bullish engulfing candle right at the SMA 30’s support.
  • The H1 chart looks bullish approaching previous day’s higher high.
  • 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 upon finding its support around 0.62750 produced a morning star and headed towards the North with a good momentum. On its way, it made a breakout at the simple moving average 30 and traded above it for several candles. As expected, it then made a bearish correction. The SMA 30 has held the price and produced a bullish engulfing candle. As of writing, the price has been bullish. The buyers may push the price towards the North. The price may find its resistance around 0.64000.

On the contrary, the sellers may not find short opportunities with lucrative risk-reward based on this chart soon. Unless it produces a strong bearish reversal pattern or make a strong bearish move, the sellers should stay away to make any trading decision.

AUD/USD H1 Chart
AUD/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price consolidated around 0.63310 before making a move towards the North. It produced consecutive bullish candles. The price is approaching previous day’s higher high. The buyers may wait for the price to make a bullish breakout to go long again in the pair. Meanwhile, the sellers may wait for the price to produce a bearish reversal pattern to go short and drive the price towards the Support again.

However, as things look with the pair, it seems that the pair may continue its bullish move by making a breakout at the 0.63675.

Considering both charts, it seems that the bull may dominate in the pair. The buyers may keep their eyes on the pair to look for long opportunities.

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Your email address will not be published.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

Fidelcrest video review

Play Video

Related Articles

Dow and Nasdaq Near Peaks, Hang Seng Rally Strong

Global markets show Dow Jones and Nasdaq 100 nearing record highs, while...

Gold Bulls Stifled by Resistance as Focus Shifts to US PCE

Gold prices retreated on Monday, pressured by rising U.S. Treasury yields, with...

Crypto Stock Surge as Market Hits New Highs

Bitcoin and Ethereum surge to $57k and $3,275 respectively, driven by strong...

USD/CAD: H1 Support is in Play

USD/CAD -Technical Analysis- H4 Chart The chart shows that the price made...

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

Dow Nasdaq Hang Seng
Market News

Dow and Nasdaq Near Peaks, Hang Seng Rally Strong

Global markets show Dow Jones and Nasdaq 100 nearing record highs, while Hang Seng Index rallies above 100-day SMA.

Gold US PCE
Market News

Gold Bulls Stifled by Resistance as Focus Shifts to US PCE

Gold prices retreated on Monday, pressured by rising U.S. Treasury yields, with investors eyeing the upcoming US PCE data release.

Copyright © 2023 Forex Prop News. All Rights Reserved.