AUDUSD Recede From the Session Lows While Extending Past the 0.5900 Level

AUDUSD Price Analysis – March 26

The Aussie dollar stays undeterred by the Reserve Bank of Australia’s quantitative easing (QE) plan, as AUDUSD maintains its recovery momentum steady beyond 0.5900. The price is going back to yesterday’s 0.6073-level high, now trading around the 0.5959/65 levels, so far down 0.50 percent.

Key Levels
Resistance Levels: 0.7031, 0.6684, 6266
Support Levels: 0.5701, 0.5506, 0.5118

AUDUSD Long term Trend: Bearish

AUDUSD bulls will have to retain the level of 0.5900 to sustain short-term growth, but keeping past the level of 0.5959 is more optimistic towards 0.6028/50 until a 0.6073 level retest.

AUDUSD’s fall from 0.7031 (high) level is on the path in the recent trend. This is part of the broader steady decline from 1.1079 (high) level. The estimate of 61.8 percent from 0.7031 to 0.6878 at 0.5506 level is already achieved. There could be a sustainable break in the price to 0.5118 (low) level. Upright, it requires a break of 0.6684 resistance level to suggest long-term bottoming.

AUDUSD Short term Trend: Ranging

There is no shift in the trend of AUDUSD as consolidation from 0.5506 level continues. We can not rule out any further progress. However, recovery may contain a retracement of 61.8 percent from 0.6684 to 0.5506 at 0.6266 levels to usher in fall continuance.

On the contrary, a breakage of 0.5701 minor support level can initially alter bias back to the downside to re-test 0.5506 low level. Continued breakage of 0.6266 level, however, may diminish instant bearish scenario and alter attention back to 0.6684 resistance.

Instrument: AUDUSD
Order: Buy
Entry price: 0.5900
Stop: 0.5850
Target: 0.6028

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