AUDUSD Reversed Upwards Turning Positive Towards the 0.6400 Level As Greenback Optimism Trims Down

AUDUSD Price Analysis – April 23

The AUDUSD pair recovered about 85 pips from the recent swing lows and in the last hour jumped to multi-day highs, in the region of 0.6365-0.6400. A variety of factors supported the pair in reversing the Asian decline, quite prompting more dip-buying as greenback optimism trims down and turning positive for Thursday’s second successive session.

Key Levels
Resistance Levels: 0.7031, 0.6684, 0.6462
Support Levels: 0.6213, 0.5959, 0.5506

AUDUSD Long term Trend: Ranging

As shown on the daily, for now, the AUDUSD seems to be confined within a broad range of 0.6265 to 0.6400. We anticipate positional accuracy to become clearer until both extremes are substantively breached. However, the risk-reward seems to support a near-term upside-down rally.

A downward break beneath 0.6265 level is required to regain the top of March-end around 0.6213 level. Moreover, a 5 and 13 MA intersection level of 0.6330 and a monthly top level near to 0.6462 level may keep the pair upside defended in the near-term.

AUDUSD Short term Trend: Bullish

For the moment, the intraday bias in AUDUSD remains neutral. With 0.6213 support level unchanged, a further increase is slightly in favor. On the upside, the 0.6434 level breach may increase the recovery from 0.5506 level to 100% forecast from 0.5506 level to 0.6213 from 0.5959 level to 0.6684 level, which is a crucial resistance.

On the contrary, turned support breach of 0.6213 level would claim that such a rebound is complete. For validation, intraday bias may be adjusted back to the downside at 0.5959 support level.

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