AUD/USD: Bull Starts Its Lap

• AUD/USD has breached a bullish engulfing candle at the SMA 30’s support.
• The pair trades around 0.65410 producing a bearish inside bar.
• The H1 chart looks bullish finding its C level.
• Intraday minor charts have been bullish trading over last trading day’s high.

AUD/USD-Technical Analysis- H4 Chart

The chart shows that the price after being bearish for a log time, made a bullish move and beached the SMA 30’s resistance. The pair then consolidated and found its support at the Moving Average’s support. It produced a bullish engulfing candle closing within 0.65410. The buyers may keep their eyes on the pair to go long above the resistance. As of writing, the price seems to be bullish again on the current H4 candle. A breach at the resistance may push the price towards the North. It may find its resistance around 0.66250.

Price Action Analysis- H1 Chart

The H1 chart seems to have been bullish by producing an ABC pattern. Upon finding its support at 0.65000, it produced a morning star and headed towards the North. On its way, it breached the level of 0.65280 and traded above the level for a while. It then made a bearish correction and closed its trading week at 0.65280. It started its trading week with a bearish adjustment. However, the price has gone up again proving the support as a valid one. It means the level of 0.65280 may be considered as a C level of an ABC pattern. The buyers look confident to push the price towards the North. As things stand, the price may find its next resistance around 0.65750.

Both charts suggest that the bull holds the key. It means the pair may remain bullish at least the first of the current week. Let us wait and watch how it ends.

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

Contact and follow Tareq on Twitter: @tareqfpn