Market NewsTechnical Analysis

AUD/USD: The Bull Starts Running; Does it Continue?

  • AUD/USD consolidates around a massive support.
  • It has been heading towards the North with good momentum.
  • The H1 chart looks bullish nearing resistance around 0.64150.
  • Intraday price action has been bullish.
AUD/USD H4 Chart
AUD/USD H4 Chart

AUD/US-Technical Anlaysis-H4 Chart

The pair consolidates around 0.63650 for the last three days. The price had a bounce at this level couple of weeks ago. Thus, the buyers must be keen to go long from this support zone and push the price towards the upside. The pair closed its trading week by producing a spinning top. The first H4 candle of this week came out as a bullish marubozu candle. Thus, the buyers may go long from value areas. The price may find its next resistance around 0.65100. The simple moving average has been flat for a while. If the price breaks and confirms the breakout at the sma 30, more buyers will be interested to buy the pair, which will bring stronger momentum.

On the downside, if the price breaches 0.63650, the sellers may look to go short on the pair and drive it towards the South. The price may find its next support around 0.63000.

AUD/USD H1 Chart
AUD/USD H1 Chart

Price Action Analysis-H1 Chart

The H1 chart shows that the price has been caught within a bearish flag. It had several bounces at the flag’s support. At the last bounce, the pair produced an inside bar. It has been heading towards the North since then with good momentum. The chart shows that the pair is adjacent to the flag’s resistance. Some buyers may take out their profit and make the price consolidate around the level. A bullish breakout at the flag’s resistance may push the price towards the North.

On the downside, a bearish reversal pattern at the flag’s resistance may drive the price towards the flag’s support again.

Considering the H4 chart, it looks good for the bull. So does the H1 chart. A breakout on the H1 chart may make the pair remain bullish rest of the day. If it does not make a breakout on the H1 chart, the pair may may end up having a choppy day today.

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

Contact and follow Tareq on Twitter: @tareqfpn

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