AUDUSD Grinds up After Massive Breakout Holding on to Gains Above the 0.6890 Level

AUDUSD Grinds up After Massive Breakout Holding on to Gains Above the 0.6890 Level

AUDUSD Price Analysis – December 12

AUDUSD continues to grow after the strong breakout on Wednesday. As buyers control the situation, the currency pair is likely going to try to reach the level of 0.6929 and 0.6955 barrier zones, according to the general technical forecast.

Key Levels
Resistance Levels: 0.7205, 0.7085, 0.6929
Support Levels: 0.6862, 0.6754, 0.6670

AUDUSD Long term Trend: Bullish

Since yesterday’s trading session, the Australian dollar has dominated upside risks against the US dollar. The currency pair has risen by about 1.25% since the trading session on Thursday.

In the long run, with a resistance level of 0.7085, there is no clear evidence of a trend reversal. That is, a downward trend from the level of 0.7205 (high) is still expected to be at the level of 0.6620 (high). Nevertheless, a decisive break of the level at 0.7085 can confirm a long-term decline and bring stronger growth to the upper horizontal level (now at 0.7205).

AUDUSD Short term Trend: Bullish

The increase in AUDUSD from the level of 0.6754 resumed, raising the level of 0.6862 and has so far reached the level of 0.6905. This development indicates that the rollback from the level of 0.6929 is completed, and the rebound from the level of 0.6670 resumes.

The intraday bias again returned to the level of 0.6929. A breakthrough could target a 100% projection of the level at 0.6670 to 0.6929 from 0.6754 to 0.7001 in the following. On the other hand, a break of the level at 0.6803 may weaken the bullish case and turn the bias back downward.

Instrument: AUDUSD
Order: Buy
Entry price: 0.6895
Stop: 0.6803
Target: 0.6929

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.