Market NewsTechnical Analysis

AUD/USD: The Pair Searches Its Next Route

  • AUD/USD closed its trading week at a significant support.
  • The pair trades below the simple moving average 30.
  • The H1 chart may get bullish if it braches 0.63350.
  • Intraday minor charts have been bullish.
AUD/USD H4 Chart
AUD/USD H4 Chart

AUD/USD- Technical Analysis-H4 Chart

The H4 chart shows that the price has had a bounce at 0.62860. The price reacted at this level earlier as well. Thus, the buyers may keep their eyes on the pair to go long from this zone. Moreover, the pair trades way below the SMA 30. It means the price has enough space to travel towards the North. Technically, the H4 traders may not look to go long in the pair. They may want to wait for the price to find its resistance at significant horizontal level and produce bearish reversal pattern to go short below 0.62860.

As things stand with the pair, it seems like that it may continue its bullish correction and end up making a breakout at the SMA 30.

Meanwhile, traders may not take any trading decision based on the H4 chart.

AUD/USD H1 Chart
AUD/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that it has been heading towards the North gradually. As of writing, the pair trades around 0.63270. The level has been working as a resistance as expected. If the price breaches the level, the buyers may look to go long in the pair and push the price towards the North. The price may find its next resistance around 0.64000.

On the contrary, if the chart produces a bearish reversal pattern at that level, the sellers may look to go short and drive the price towards the last swing low.

Considering both charts, the pair is at a decision making point to find its next direction. On the H1 chart, it looks good for both traders. On the H4 chart, traders must wait and watch the price action to find out its next direction.

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Your email address will not be published.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

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data...

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators...

Gold Surges to New Record High Amid Market Turbulence

Gold reached a new record high, driven by safe-haven trades following the...

Fed’s Barr and Jefferson: High Interest Rates Here to Stay

Federal Reserve Governor Michael Barr reiterated interest rates will stay high until...

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

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets
Market News

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data strengthens the dollar and impacts global currencies and commodities.

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends
Market News

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators for future trends.

Copyright © 2023 Forex Prop News. All Rights Reserved.