Market NewsTechnical Analysis

AUD/USD: Bull Makes another Breakout, Buyers are Having a Feast

  • AUD/USD made a significant bullish move on the H4 chart.
  • The pair trades above the simple moving average 30.
  • The H1 chart has been up trending by obeying a trend line.
  • Intraday minor charts have been bullish in the Tokyo session.
AUD/USD H4 chart
AUD/USD H4 chart

AUD/USD-Technical Analysis- H4 chart

The chart shows that the price has found its support at 064615 and made a strong bullish move. The price had a bounce at this level earlier as well. Thus, the buyers may consider it as a double bottom’s support. At the last bullish move, the price made a breakout at the neckline’s resistance. Moreover, it has made a breakout at the last swing high at 0.64400.

The buyers on this chart may wait for the price to consolidate and produce a bullish reversal at the value areas to go long in the pair. As things stand, 0.64400 may work as a flipped support and push the price towards the North with more bullish momentum next.

AUD/USD H1 chart
AUD/USD H1 chart

Price Action Analysis- H1 Chart

The H1 chart shows that the price has been up trending by obeying a trend line. At the last bounce, it consolidated at the trend line’s support and produced a bullish pin bar followed by a bullish engulfing candle. As expected, the price then headed towards the North in a hurry. On its way, it made a bullish breakout at 0.65300. The price had reacted at this level several times. Thus, the price may come back at this level and find its support around here. A bullish reversal at this level may generate bullish momentum. The price may find its resistance around 0.66000.

Considering both charts, it seems that the bull has a strong stage to make a move. The buyers from minor charts to H4 charts are going to be keen to keep their eyes on the pair and take long entries.

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

Contact and follow Tareq on Twitter: @tareqfpn

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