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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.
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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