AUDUSD Continues To Rise Amid a Negative Market Outlook

AUDUSD Price Analysis – September 30

During the American session, the AUDUSD gained traction and surged to 0.7257, a new daily high supported by a broad-based US dollar decline. The DXY is down 0.20 percent, marking the first time it has dropped following four days of gains. Despite stable US bond yields and uneven US equity markets, the US dollars dropped.

Key Levels
Resistance Levels: 0.7557, 0.7450, 0.7350
Support Levels: 0.7150, 0.7050, 0.6900
AUDUSD Long term Trend: Ranging
The level at 0.7300 is a challenging task for the AUDUSD bulls to tackle because it is a combination of the daily pivot point and a round number. On a break above the latter on September 23, bulls may re-attempt for a 0.7478 medium-term high level.

On the other hand, the daily low of 0.7169 may serve as an initial support level, from which the low of 0.7150 might be tested. However, price moves on the daily chart remained optimistic, indicating the commencement of some dip-buying.
AUDUSD Short term Trend: Ranging
The intraday bias for the AUDUSD is positive, while the trend remains neutral. A corrective trend from level 0.7478 is expected to have another severe decline before the trend corrects. Overall the AUDUSD remains at the mid correction zone. We could also witness a stretch lower from the 0.7300/0.7350 short-term high level.

The initial target, on the other hand, is the 0.7150 support level beneath the 0.7200 marks. However, if the 0.7300 level is breached repeatedly, the whole increase from the 0.7169 level may be restored. A dramatic turnaround for bearish traders might be viewed as a new catalyst, paving the way for a drop to frightening weekly lows near the 0.7170 mark.

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