- AUD/USD made a bullish move on the H4 chart after a long bearish move.
- The price breached the SMA 30 and trades above it.
- The H1 chart looks bullish trading within an up-trending channel.
- Intraday minor charts have been choppy.
AUD/USD-Technical Analysis- H4 Chart
The chart shows that the price after having a bounce at 0.65250 has made a move towards the North. On its way, it breached the simple moving average 30’s resistance. As of writing, the pair trades above the SMA 30. Thus, the buyers may keep their eyes on the pair to go long and push the price towards the North. It may find its next resistance around 0.66550.
On the downside, if the price consolidates and makes a bearish breakout at the SMA 30, then the sellers may drive the price towards the South. The price may find its next support around 0.65250.
Price Action Analysis- H1 Chart
The chart shows that the price has been up trending within a channel. As of writing, the price had a rejection at the channel’s resistance and produced a bearish inside bar. Since then, the price has been heading towards the South with good momentum.
The price may find its support around the trend line’s again. Thus, intraday sellers may keep their eyes on the pair to go short since it has enough space to travel towards the South.
However, considering the H4 chart, the H1 chart traders may be keen to find long opportunities from the value areas. Going long in the pair would offer better risk-reward as well as better winning ratio. Thus, we may see that the pair keeps moving towards the North and offer some excellent entries to the buyers.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn