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- 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.

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