AUDUSD Retains Upside Bias Towards 0.7800 Amid $2 Trillion US Stimulus Plan

AUDUSD Retains Upside Bias Towards 0.7800 Amid $2 Trillion US Stimulus Plan

AUDUSD Price Analysis – January 14

AUDUSD pair continues upside move with a fresh bid during the European session, now extending the upside bias towards 0.7800 amid $2 trillion US stimulus plan announcement, as markets await further trading impetus.

Key Levels
Resistance Levels: 0.8170, 0.8136, 0.7800
Support Levels: 0.7725, 0.7635, 0.7461
AUDUSD Long term Trend: Bullish
As seen on the daily charts, AUDUSD bulls need a sustained break above the 0.7800 level to retain the bullish pattern. The 0.7800 areas are also an obstacle to growth. Meanwhile, a pullback below the 13 moving average at 0.7700 may initially nullify the bullish sentiment and send AUDUSD mid-term sellers to a weekly low around mid 0.7700.

In a broader context, sustained trading past horizontal resistance at 0.7725 is a sign of medium-term bullish sentiment. However, AUDUSD may need to reverse the retracement from 1.1079 high to 0.5506 low at 0.7725 to finally signal the end of a long-term downtrend from 1.1079. A deviation from the 0.7725 level would instead maintain a long-term bearish trend.
AUDUSD Short term Trend: Ranging
The AUDUSD shift remains neutral during the session, and further rally beneath 0.7800 is possible. On the other hand, a breakout of 0.7800 may sustain a larger upsurge from 0.5506 to 61.8%, forecast of 0.7414 from 0.7000 to 0.8170 level.

On the other hand, a breach of the 0.7635 support level would indicate a short-term top, subject to bearish divergence on the 4-hour RSI. Intraday bias may be reversed downward for a deeper correction towards the 0.7461 support level.

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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.