Market NewsTechnical Analysis

AUD/USD: Does the Bull Make a Breakout This Time?

AUD/USD GBP/AUD
  • AUD/USD has had its second bounce at a significant horizontal support.
  • The pair trades around the SMA 30’s on the H4 chart.
  • The H1 chart has been bullish heading towards the swing high.
  • Intraday minor charts have been bullish.
AUD/USD H4 Chart
AUD/USD H4 Chart

AUD/USD-Technical Analysis- H4 Chart

The chart shows that the price had a bounce at 0.65500 earlier. The price then traded around the horizontal resistance of 0.67300. Upon producing a bearish engulfing candle, the price headed towards the South in a hurry. However, the level of support held the price again and produced a bullish engulfing candle. As expected, the price has gotten bullish again. As of writing, the chart produced another bullish signal upon having a bearish correction. Thus, the buyers may push the price towards the North. A breakout above 0.67300 may generate more momentum and push the price towards the North further.

AUD/USD H1 Chart
AUD/USD H1 Chart

The chart shows that it gets trapped within 0.67250- 0.66500. At the last rejection, it produced a bearish engulfing candle and continued its bearish move for a while. However, it has found its support at 0.66800. Since then, it has been heading towards the North. The price may find its next resistance around 0.67250. A breakout above the level may push the price towards the North. The chart shows it has enough space to offer for the price to travel. Thus, it may attract more buyers as well.

On the other hand, a bearish reversal pattern at the resistance may drive the price towards the support zone again.

Considering both charts, it seems that the buyers are eagerly waiting to go long in the pair and push it towards the upside. Before making any long decision, they need to find a confirmed bullish breakout at that resistance level though.

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

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s...

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and...

Forex Focus: Dollar Strength and Market Movements in Asia

U.S. retail sales in June held steady at $704.3B, buoyed by non-store...

Asian Markets React to Powell’s Dovish Remarks with Mixed Results

Asian markets reacted mixed after Powell's dovish comments, with Hong Kong's Hang...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets
Market News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s inflation remained steady, and chip stocks showed resilience.

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch
Market News

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and geopolitical tensions, impacting regional indices sharply.

Copyright © 2023 Forex Prop News. All Rights Reserved.