AUDUSD Near-Term Bullish Trend Capped on the Level at 0.6939

AUDUSD Price Analysis – December 26

The Aussie is optimistic about easing trade tensions between the United States and China and signs of a recovery in global growth. Based on this assessment, the direction of AUDUSD is likely to be determined by the reaction of traders to Tuesday’s close on the level at 0.6921.

Key Levels
Resistance Levels: 0.7085, 0.7013. 0.6955
Support Levels: 0.6838, 0.6754, 0.6670

AUDUSD Long term Trend: Bullish

The main trend is up according to the daily chart fluctuations. Trading through the last major peak at 0.6939 level may signal the resumption of an uptrend after nine side trading sessions.

Going beneath 0.6838 level may change the trend downward. Meanwhile, in the long run, with a resistance level of 0.7085, there is no clear evidence of a trend reversal.

AUDUSD Short term Trend: Bullish

AUDUSD is trading below the resistance level of 0.6939, and the intraday bias initially remains neutral but presently upside. Further rallies are still moderately in favor of 0.6838 level unchanged.

On the other hand, above the level of 0.6939, we can continue the rebound from the level of 0.6670 to 100% of 0.6929 from 0.6754 at the level of 0.7013. Nevertheless, a break of the level at 0.6838 may shift the bias back to the downside to support the level of 0.6754.

Instrument: AUDUSD
Order: Buy
Entry price: 0.6929
Stop: 0.6838
Target: 0.7085

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