AUDUSD Continues Higher Clinging to Daily Gains Near 0.7300

AUDUSD Price Analysis – September 23

Following the prior day’s extreme volatility, the AUDUSD pair is putting the buyer’s pledges to the test. On Thursday, the pair saw new buying near the 0.7220 low regions. The positive shift in market mood seen appears to be leading the dollar to lose strength, allowing the uptick in the pair’s momentum.

Key Level
Resistance Levels: 0.7557, 0.7450, 0.7350
Support Levels: 0.7220, 0.7150, 0.7050
AUDUSD Long term Trend: Ranging
Technically, the recovery from the low of 0.7222 brought the pair to the psychological threshold of 0.7300 and beyond. Given the recent severe pullback from the crucial 0.7478 levels or Sept high, the rebound formed the basis of an upside continuation chart pattern.

Strength below the weekly swing lows, around the 0.7220 zones, on the other hand, might confirm the retracement scenario and push the pair back to the 0.7105 Aug low levels. In the near term, any follow-through selling should pave the way for a further weakening move to the 0.7150 marks and support zone.
AUDUSD Short term Trend: Ranging
The AUDUSD trend is steady on the 4-hour time frame, and the intraday bias is still in consolidation. The drop from 0.7478 could continue, with a test of the temporary low of 0.7105 near the rising trendline support. However, the trend might remain positive as long as the 0.7220 confluence level holds.

A break above the minor resistance level of 0.7350 on the upside could move the bias to the upside, allowing a retest of the 0.7389 level. The break could herald the beginning of a broader rally from 0.7105. Meanwhile, a clear violation of the 0.7220 zones could set off a sharper drop.

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