AUDUSD Recovers Bullish Traction, As Potential Upside Stays Confined

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AUDUSD Price Analysis – August 5

The Australian dollar is gradually rebounding, holding past the 0.7400 level, aided by a slight drop in the US dollar overall. During the early American session, the AUDUSD pair saw considerable buying and surge past the 0.7400 round-figure marks on Thursday. Despite the COVID-19 difficulties, a minor increase in USD demand limited any major gains on the Aussie.

Key Levels
Resistance Levels: 0.7645, 0.7557, 0.7450
Support Levels: 0.7372, 0.7289, 0.7220
AUDUSD Long term Trend: Ranging
The bullish trend in the AUDUSD has to be confirmed by a persistent break above the 0.7414 to 0.7450 level, as seen on the daily charts. Growth may be further hampered by the 0.7557 zones. Meanwhile, a break below the 5 and 13 moving averages around 0.7372 might temporarily dampen bullish momentum, sending AUDUSD sellers to a weekly low of around 0.7329.

In a broader sense, continued trading above horizontal resistance at 0.7414 indicates a medium-term positive bias. To eventually signify the end of a long-term slump from 0.8000. AUDUSD may need to reverse the retracement from 0.8000 high to 0.7289 low at 0.7426. Instead, a break of the 0.7289 level would maintain the long-term negative trend.
AUDUSD Short term Trend: Ranging
The AUDUSD continues to consolidate at the downward channel, reaching a new high of 0.7426. Intraday bias has returned to the crucial 0.7400 area. A significant bullish outcome could result from a decisive breakout. The upside prediction from 0.7289 to 0.7414 levels from 0.7426 to 0.7557 levels is the next aim.

A break of the 0.7372 support level, on the other hand, would signal a short-term peak. In the event of a retreat, though, the trend may continue optimistic. The uptrend line, which is currently approaching the 0.7300 level, may provide technical support to the AUDUSD bulls. Any move below the level, on the other hand, might stoke the bears.

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