AUD/USD Retraces To Level 0.7760, Resumes Upside Momentum

AUD/USD Retraces To Level 0.7760, Resumes Upside Momentum

Key Resistance Levels: 0.8000, 0.8100, 0.8200
Key Support Levels: 0.7700, 0.7600, 0.7500

AUD/USD Price Long-term Trend: Bullish
The AUD/USD pair is in an uptrend. The uptrend is facing resistance at level 0.8000. On February 25 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the price will rise to level 2.618 Fibonacci extensions or level 0.8697 .

AUD/USD – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 52 of the Relative Strength Index period 14. This indicates that the pair is now in the uptrend zone and above the centerline 50. The pair has room to rally on the upside.

AUD/USD Medium-term Trend: Bullish
On the 4-hour chart, the pair fell to level 0.7700 and resumed a fresh uptrend. On March 17 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 1.618 Fibonacci extensions or level 0.7942.

AUD/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The AUD/USD pair is currently below the 80% range of the daily stochastic. It indicates that the pair is in the bearish momentum. The SMAs are sloping upward indicating an uptrend.

General Outlook for AUD/USD
The AUD/USD pair is in an uptrend. Presently, the pair is retracing on the downside. The uptrend will resume as soon as price finds support above the 21-day SMA.


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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.