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Market NewsTechnical Analysis

AUD/USD: Bull vs. Bear, Who Wins the Race?

September 18, 20231 Mins read90 Views
  • AUD/USD has been having a bearish correction.
  • Simple Moving Average 30 has been working as support.
  • Buyers may keep their eyes to go long.
  • The H1 chart slightly favors the bear.
AUD/USD H4 Chart
AUD/USD H4 Chart

AUD/USD- Technical Analysis-H4 Chart

The H4 chart shows that the pair found its support around 0.63630 and made a move towards the North. On its way, it made a breakout at the simple moving average 30. Afterwards, it made a bearish correction and found its support again at the SMA 30.  Upon producing a bullish reversal pattern, the pair made another bullish move. It had a rejection around 0.64740 and made another bearish correction. As of writing, the pair trades around the SMA 30 again. The buyers may wait for the price to produce a bullish reversal pattern to go long in the pair. The price may find its next resistance around 0.65000.

On the downside, if the chart makes a bearish breakout at the SMA 30, the sellers may look to go short and drive the price towards the downside. The price may find its next support around 0.64000.

AUD/USD H1 Chart
AUD/USD H1 Chart

Price Action Analysis-H1 Chart

The chart shows that the price made a bullish move earlier by obeying a trend line. It then made a bearish move followed by a breakout at the trend line’s support. As of writing, the pair has been in bullish correction. The sellers may look to go short upon getting bearish reversal pattern at the value areas. The best selling zone would be at the trend line’s flipped resistance to go short. The price may find its next support around 0.64165.

Considering the H4 chart, the bull holds the key. However, the H1 chart suggests that the pair may get bearish. Thus, traders are to be very careful before making any trading decision.

Since the H4 chart’s support still works as a support and the H1 chart may make a bullish correction, so the bull may win the race here. It gets better risk-reward as well. Let us wait and watch what happens next.

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

Contact and follow Tareq on Twitter: @tareqfpn

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