AUDUSD Takes Bid to 0.7815 Level Devoid of Follow-Through, Aussie Underpinned by GDP

AUDUSD Takes Bid to 0.7815 Level Devoid of Follow-Through, Aussie Underpinned by GDP

AUDUSD Price Analysis – March 4

The AUDUSD pair witnessed some buying on Thursday and seems to stall around the 0.7815 level of its daily trading range. AUDUSD buyers are holding the higher ground above 0.7800, extending the recovery gains in early European trading. The Aussies advance is led with support from better than expected GDP data released earlier.

Key Levels
Resistance Levels: 0.8136, 0.8050, 0.7880
Support Levels: 0.7725, 0.7650, 0.7557
AUDUSD Long term Trend: Ranging
From the daily chart technical perspective, the recovery from the level at 0.7752 pushed the pair beyond the 0.7800 psychological area. Given the recent sharp pullback from the key 0.8000 marks or three-year tops, the rebound constituted the formation of an upside continuation chart pattern.

On the flip side, weakness below the daily swing lows, around mid-0.7700s may validate the retracement set-up and drag the pair back towards the 0.7700 marks. Some follow-through selling should pave the way for a further near-term depreciating move towards the 0.7650 intermediate support en-route the 0.7600 round-figure marks.
AUDUSD Short term Trend: Ranging
The trend in AUDUSD stays unaltered on the 4-hour time frame and intraday bias stays in a range initially. The correction from the 0.8006 level could still extend with another fall through 0.7691 temporary low around the ascending trendline support. However, the trend may stay bullish as long as the 0.7557 support level holds intact.

On the upside, above 0.7880 minor resistance level may alter bias to the upside for retesting 0.8006 level. The breach there may extend a larger uptrend from 0.5506. Meanwhile, a decisive breach of the 0.7557 level may usher in a steeper correction.

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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.