AUDUSD Recovers Past Level at 0.6350 Alongside Global Stocks


AUDUSD Price Analysis – April 9

The Australian dollar also shifted along with global stocks, as coronavirus outbreaks, particularly in the US, are already reaching a peak. On Thursday, the AUDUSD pair pushed higher and renewed session highs in the last hour, while displaying considerable strength beyond the 0.6350 level.

Key Levels
Resistance Levels: 0.7031, 0.6684, 0.6434
Support Levels: 0.6213, 0.5959, 0.5506

AUDUSD Long term Trend: Ranging

In the broader context, the decline in AUDUSD from 0.7031 (high) level is still ongoing. This is part of the greater downtrend from 1.1079 (high) level. The forecast of 61.8 percent from 0.7205 at 0.5506 level of 1.1079 to 0.6878 is now completed.

There the continuous break lays the groundwork to level 0.4773 (low). On the upside, it requires a break of 0.6684 support turned resistance level to suggest medium to long term bottom. Without it, also in the event of a speedy recovery, the pattern can stay bearish.

AUDUSD Short term Trend: Ranging

Intraday bias in AUDUSD stays upside down as the recovery from the level of 0.5506 indicates progress. Another increase of 0.5506 to 0.6213 from 0.5959 at 0.6434 levels can be seen to be 61.8 percent.

On the downside, the 0.5959 level break would now signify the conclusion of the increase from the level at 0.5506. Intraday bias may be switched back to the downside for a 0.5506 level retest.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.