AUDUSD Daily Gains Stay Beneath 0.7400 After FOMC

Azeez Mustapha



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AUDUSD Price Analysis – July 29

AUDUSD drew some dip-buying on Thursday and aims to build on the prior day’s rally from the 0.7316 zones. Amid the dominant US dollar selling tendency after the FOMC, the pair was last spotted slightly beneath the 0.7400 marks, towards the upper end of its daily trading range.

Key Levels
Resistance Levels: 0.7775, 0.7600, 0.7450
Support Levels: 0.7289, 0.7200, 0.7100
AUDUSD Long term Trend: Ranging
In the meantime, an upside breakout of the horizontal resistance level of 0.7414 may need to hit the main resistance level of 0.7600 before the bulls can take control. While doing so, the 0.7450 level, which is an upside range zone, may attract investor interest before the previous month’s peak, reaching 0.7775.

Whilst the bears are projected to lose control near the 0.7289 marks, they will target the 0.7200 round level for further control before reinforcing the November 2020 lows after finding channel support near the 0.7100 level. Though from a technical standpoint, the AUDUSD pair has struggled to break past the 0.7400 round figure thus far.

AUDUSD Short term Trend: Bearish
The AUDUSD intraday bias is unchanged, with the attention shifting from the 0.7565 weekly support level to the 0.7414 resistance level. As a result, a continuing breach could imply that the 0.7800 pullback was successful. To retest this level, the intraday bias will be shifted back to the upside.

Breaking the AUDUSD level of 0.7414 will signal a resumption of growth from the 0.7289 level. The intraday trend is resuming. The long-term level of 0.7600 is the next aim. A drop below the minor support level of 0.7372, on the other hand, could change the bullish bias and trigger sideways trading.

Note: 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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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