AUDUSD Paves Way for More Gains, As Bullish Bias Remains Shaky

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AUDUSD Price Analysis – October 14

The AUDUSD pair is above 0.7400, climbing over the moving averages 5 and 13, indicating an advancing trend. According to the markets, the price may challenge the higher level at 0.7426 before continuing upwards to 0.7450. Despite mixed Australian jobs and Chinese inflation data, the pair is building on the prior day’s rise, as buying appetite in the Aussie remains strong.

Key Levels
Resistance Levels: 0.7645, 0.7557, 0.7450
Support Levels: 0.7350, 0.7220, 0.7150
AUDUSD Long term Trend: Ranging
The AUDUSD continues to show optimistic signs daily, with the market strengthening its two-month-old consolidation after advancing to 0.7478 and then posting another higher to 0.7419 in the present session.

At least on the first try, we expect growth to be constrained by the key resistance level of 0.7450. A violation of the 0.7350 support level on the downside could signal balancing in the near term and a shift in the downward bias for the 0.7300 support level on the contrary position.
AUDUSD Short term Trend: Ranging
In the short term, it’s tough to rule out further strength because the price is hovering above the 5 and 13 moving averages, and the RSI appears to be gaining velocity as it approaches the 70 bullish points. However, unless the market closes below the 0.7400 mark and continues to deteriorate inside the upward channel, any pullback may not be a serious concern.

However, if the currency exchange rate continues to rise in the ascending channel, a drop to 0.7350 could be imminent. If the bullish trend continues, the AUDUSD pair may begin to rise again in the coming sessions.

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