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

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