AUDUSD Surged Higher Toward 0.7200 Level As Bulls Struggle to Extend the Upside

AUDUSD Surged Higher Toward 0.7200 Level As Bulls Struggle to Extend the Upside

AUDUSD Price Analysis – August 13

In the early American session, AUDUSD consolidates the European session spike to a two-day high of 0.7188 level. Nonetheless, the bulls seem to lose follow-through as they attempt to broaden the upside in a cautious mood on the market.

Key Levels
Resistance Levels: 0.7295, 0.7241, 0.7200
Support Levels: 0.7150, 0.7076, 0.6921
AUDUSD Long term Trend: Bullish
The Aussie is trialing the upper zone at a level of 0.7173. If the channel pattern holds, during this session, a decline towards the level of 0.7110 may be anticipated. If the currency exchange rate breaks up, though, bullish traders may hit today’s level of 0.7241.

Yet another rally to the upper horizontal barrier (now at 0.7295 level) might be required. It will be the ideal scenario for as long as it remains beyond moving average 5 and 13 (now at level 0.7150). Nonetheless, persistent trading beneath moving average 5 and 13 will instead shift attention back to low level 0.5506.
AUDUSD Short term Trend: Ranging
Sideway consolidation persists in AUDUSD’s 4-hour chart and intraday bias stays initially neutral. Taking into consideration the state of bearish divergence in the short term RSI and price, a breach of 0.7076 support level may indicate short-term topping.

In this scenario, the intraday bias for 0.6777 support level will be reverted to the downside, to resolve the entire 0.5506 level rise pattern. However, a breach of the resistance level 0.7241 may increase the growth to level 0.7295.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.