AUDUSD Bulls Stay Focused Beyond 0.8000 Thresholds on Upbeat Aussie Data

AUDUSD Price Analysis – February 25

The AUDUSD pair trades firm with a positive bias through the early European session on Thursday past the 0.8000 level. AUDUSD buyers stay focused beyond the 0.8000 thresholds confirming a 3 year high. The Aussie pair is boosted by upbeat data from Australia’s Private Capital Expenditure (Capex) data for the fourth quarter (Q4).

Key Levels
Resistance Levels: 0.8240, 0.8139, 0.8050
Support Levels: 0.7880, 0.7800, 0.7725
AUDUSD Long term Trend: Bullish
The exchange rate is currently trading past the upper limit of an ascending channel trend and may be poised for a breakout towards the 0.8050 level. If the breakout emerges from the 0.8000 level, a surge to the 0.8050 level within this session may be anticipated. If the channel trend holds though, bearish traders are likely to hit today’s horizontal support line at 0.7880 level on overbought conditions.

Yet more rally past the horizontal resistance level upside (now at 0.8000) may be seen. It might stay the optimal scenario given that it remains beyond the level of horizontal support (now at 0.7880). Continuous trading below the 0.8000 level, though, may shift the emphasis back to a low level of 0.7800 afterward.
AUDUSD Short term Trend: Bullish
AUDUSD remains bullish beyond the 0.7880 level and the intraday bias stays initially on the upside. With the 0.8000 level breached, a further increase could be seen. Long-term rise from 0.5506 to 0.7311 may extend towards 0.8050 level.

Nevertheless, a return towards 0.7880 support level may indicate short-term topping given persistent overbought condition in 4 hour RSI. For correction towards a lower support level at 0.7800, the intraday bias will be altered back to the downside.

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