AUDUSD Is Recovering off the 0.69980 Support Level

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AUDUSD Price Analysis – December 30

AUDUSD is recovering off a major support level at 0.69980. The price is now recovering from bearish bouts that were sustained as the market plummeted from a high-level resistance at 0.75480. Rejection at that level ensures a 7.30% price drop to the 0.69980 significant level on the 3rd of December. Bears have now exhausted their strength, giving bulls a free run to influence the market.

AUDUSD Major Levels

Resistance Levels: 0.72660, 0.73250, 0.75480
Support Levels: 0.69980, 0.70960, 0.71780

AUDUSD Long Term Trend: Bullish

Market buyers are seen to clean up after the bears. The price was being forced by the bulls to maintain an uptrend. Bears, however, kept crashing the market against the uptrend line till it finally breaks past it and passed more major levels. The 0.69980 price level, however, remains strong enough to halt the price fall. AUDUSD is now recovering off this price level.

The market’s move higher is rather gradual. This is because bearish forces are still at work in the market. The price rose first above 0.70960, where it accumulated for a short while. Thereafter, AUDUSD pushes from that level to above 0.71780, where the market is now stalling before it continues its advance. A long line of Parabolic SAR (Stop and Reverse) dots can be seen below the daily candle to confirm market bullishness.

AUDUSD Short Term Trend: Bullish

On the 4-hour chart, the price is stalling below the 0.72660 price level. The Parabolic SAR, just like on the daily chart, signifies bullishness with dots below the 4-hour candles. The Stochastic Oscillator is approaching overbought, but there could be a pullback to enable the price to break beyond the current level. Buyers will be looking to break all resistance to reinstate the market back to the uptrend line.

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