AUDUSD Rally Propels Gains Near the Level at 0.6870

AUDUSD Rally Propels Gains Near the Level at 0.6870

AUDUSD Price Analysis – January 23

The subsequent closing in the prior two days with scanty losses, the FX pair recorded upward momentum in the Asian trading hours and rose to a daily high of 0.6878 level, after which it entered the consolidation stage in the European session. At the time of composing, the pair has grown by 0.35% per day to 0.6868.

Key Levels
Resistance Levels: 0.7085, 0.6933, 0.6878
Support Levels: 0.6827, 0.6754, 0.6670

AUDUSD Long term Trend: Ranging

In a larger structure with an intact resistance level of 0.7085, there is no clear confirmation of a trend reversal. That is, it is likely that the downtrend from the level of 0.7205 (high) may continue to the level of 0.6670 (low).

Nevertheless, a decisive breakthrough of the level at 0.7085 may establish its long-term decline and lead to a stronger rally to the upper horizontal barrier (now at 0.7205).

AUDUSD Short term Trend: Bearish

A temporary low is structured on the level at 0.6827 when AUDUSD recovered after receiving support from short-term horizontal lines. Intraday bias is primarily neutral. Recovery flow should be contained beneath the resistance level of 0.6933 to resume falling.

We think that the correctional increase from the level of 0.6670 was completed at the level of 0.7031. Beneath the 0.6826 level may change the tendency to lower the level of 0.6754 to establish this bearish scenario. However, a breakthrough of the 0.6933 level may switch attention to the 0.7031 level.

Instrument: AUDUSD
Order: Buy
Entry price: 0.6878
Stop: 0.6827
Target: 0.6933

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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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.