AUDUSD Surges Past Mid 0.7300 Zone As Bearish Impetus Fades

AUDUSD Price Analysis – August 9

The AUDUSD surges by 30 pips, or 0.30 percent, against the US dollar on Thursday. If all other factors remain constant, the exchange rate may continue to rise throughout the next trading session. The 0.7400 level could be a potential objective for positive traders.

Key Levels
Resistance Levels: 0.7645, 0.7557, 0.7450
Support Levels: 0.7350, 0.7289, 0.7189
AUDUSD Long term Trend: Ranging
To maintain the bullish pattern, AUDUSD bulls require a persistent breach above the 0.7400 barriers, as seen on the daily charts. Growth may also be hampered by the 0.7450 zones. Meanwhile, a pullback below the moving average 13 around 0.7350 might temporarily dampen bullish optimism, sending AUDUSD sellers below the weekly low of 0.7345.

In a broader sense, continued trading above horizontal resistance at 0.7389 indicates a medium-term bullish bias. To eventually signify the end of a medium-term downtrend from 0.8000, the AUDUSD may need to reverse the retracement from 0.8000 high to 0.7105 low at 0.7478. Instead, a break of the 0.7478 level would maintain the long-term bullish trend.
AUDUSD Short term Trend: Ranging
The continuation of the uptrend in the AUDUSD is indicated by the rebound from the 0.7350 support level. The intraday bias is rising once more. A climb from 0.7105 to 0.7476 from 0.7350 to 0.7500 next should target the projection of 0.7105 to 0.7476 from 0.7350 to 0.7550. A break of the 0.7350 support, on the other hand, is required to confirm a short-term top.

The trend may remain bullish even if there is a setback. The dollar’s weakness as a whole supports the pair’s “bullish” outlook. Despite RSI midline readings, the risk on the 4-hour chart remains tilted upward in the short term. A break over 0.7426, the nearest resistance level, should signal a further move north.

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