After Holding on to Early Gains AUDUSD Is Bolstered by 0.6865 Level

After Holding on to Early Gains AUDUSD Is Bolstered by 0.6865 Level

AUDUSD Price Analysis – December 19

AUDUSD buyers are setting a shorter upward bias but may run into trouble when the price approaches the key barrier again. After reaching a daily high of 0.6884 level, the pair entered the consolidation phase and last traded at 0.6868 level, adding 0.3% on the daily.

Key Levels
Resistance Levels: 0.7085, 0.7013, 0.6955
Support Levels: 0.6838, 0.6754, 0.6670

AUDUSD Long term Trend: Bullish

The breakout occurred through the upper zone of the horizontal pattern during the Asian trading session. Given the breakthrough, the AUDUSD currency pair may continue to grow today. The potential target may be in the area of the level at 0.6938.

Although technical indicators suggest that bear traders can control the exchange rate during the next trading session.

AUDUSD Short term Trend: Bullish

AUDUSD recovered after reaching the level at 0.6838 but remained intact below the resistance level of the level at 0.6938. Intraday bias stays impartial initially. At the moment, further rallies may continue in favor, while holding at the level of 0.6838.

On the other hand, overcoming the level of 0.6938 may reflect a bounce from the level of 0.6670 to 100%, and the level of 0.6670 – 0.6929 from 0.6754 at the level of 0.7013. Meanwhile, breaking through the 0.6838 level may change the bias back to the support level at 0.6754.

Instrument: AUDUSD
Order: Buy
Entry price: 0.6865
Stop: 0.6803
Target: 0.7013

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.