Market NewsTechnical Analysis

AUD/USD: Traders Wait for the Price To Show the Direction

  • AUD/USD seems to be getting choppy on the H4 chart.
  • The pair trades above the Simple Moving Average 30.
  • Traders are to keep their eyes on the price action around the SMA 30.
  • The H1 chart may get bearish below today’s low.
AUD/USD H4 Chart
AUD/USD H4 Chart

AUD/USD- Technical Analysis-H4 Chart

The H4 chart shows that the price trades around the SMA 30 as of writing. The price made a bullish breakout and traded above the SMA 30. The pair started its week with a long bearish price gap. It headed towards the North right from the SMA 30. However, the current candle seems to be very bearish. If the price is held here, the buyers may wait for the chart to produce a bullish reversal candle to go long in the pair.

If the SMA 30 gets breached, the sellers may wait for the price to confirm the breakout followed by a bearish reversal candle to go short in the pair. The price may find its support around 0.62800.

AUD/USD H1 Chart
AUD/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been heading towards the South with a good bearish momentum. The level of 0.63800 has been working as a resistance. The chart has produced three consecutive bearish candles upon finding its resistance at 0.63800. It may continue its bearish move and find its support around 0.63230. A breakout at that level may drive the price towards the last swing low. However, a bullish reversal pattern at that level may attract the buyers to go long and push the price towards the upside. The price may find its resistance around 0.64000 in case of the pair gets bullish.

Both charts suggest that the pair looks for its next direction. Thus, traders should wait and check out price action before making any trading decision.

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

Contact and follow Tareq on Twitter: @tareqfpn

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