- 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- 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.
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