AUDUSD Discovers Its Potential for the Upside Movement as Buyers Lean on the Key Support Level

After discovering its potential for the upside movement, AUDUSD has appreciated against the greenback since the prior trading session. The FX pair had exited the prior session above its opening price after recovering from early selling pressure.

Key Levels
Resistance Levels: 0.6895, 0.6805, 0.6776
Support Levels: 0.6671, 0.6620, 0.6600

AUDUSD Long term Trend: Bearish
Despite trading down to the level at 0.6671 earlier during the previous session, the FX pair had bounced off the horizontal support zone. Meanwhile, its failure to close below the support level might increase the zones’ significance as support going forward.

However, if the currency pair breaks the support level, bears could drive the price towards the lower boundary of the horizontal support zone on the level at 0.6620 during the following trading session.

AUDUSD Short term Trend: Bearish
On the flip side of the 4-hour chart, showing the level at 0.6740 minor resistance intact, it’s intraday bias stays on the downside. And the decisive break of the level at 0.6671 low will resume the larger downtrend.

While on the upside, the level at 0.6776 minor resistance is likely to turn bias back to the upside for stronger recovery first, and outlook stays bearish, showing an intact downtrend in the medium and long-term.

 

Source: https://learn2.trade

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