Market NewsTechnical Analysis

AUD/USD: Is It Forming a Double Bottom?

  • AUD/USD has had its second bounce at a significant horizontal support.
  • The pair trades above the SMA 30 on the H4 chart.
  • The H1 chart has been choppy after making a bullish move.
  • Intraday minor charts are yet to find their direction.
AUD/USD H4 Chart
AUD/USD H4 Chart

AUD/USD-Technical Analysis- H4 Chart

The chart shows that the price had a bounce at 0.64800 earlier. Then, it made a bullish move having a rejection at the SMA 30. Upon making another bearish move, it has found its support at the same horizontal level and headed towards the North. This time, the price breached the SMA 30 and traded above the moving average for a while. The pair is in consolidation as of writing. The buyers may wait for the price to breach the consolidation resistance to go long in the pair. The price may find its resistance around 0.66000.

On the other hand, if the price breaches the horizontal support at 0.64800 by making a bearish move, the sellers may go short in the pair again and drive it towards the South.

AUD/USD H1 Chart
AUD/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been bullish by obeying a trend line. It had a rejection at 0.65350 and made a bearish correction. The pair, upon having its second bounce, has been heading towards the North again. The resistance looks strong. The buyers may go long above the level of 0.65350. It may find its next resistance around 0.65550.

On the contrary, if the price breached the trend line and confirms the breakout, the sellers may go short upon having a bearish reversal pattern at the value areas. The swing low level may hold the price as a support again in that case.

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

Contact and follow Tareq on Twitter: @tareqfpn

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