AUDUSD Gains Traction for the Third Day in a Row Near the 0.7571 Level

AUDUSD Gains Traction for the Third Day in a Row Near the 0.7571 Level

AUDUSD Price Analysis – December 11

AUDUSD upside rally furthers on its positive fundamentals registering fresh highs at 0.7571 level and continued scaling higher for the third day in a row on Friday. Australia’s key export item has risen to the all-time high as AUDUSD follows suit while reaching a fresh high beyond 0.7500, currently up 0.32% to 0.7571 level.

Key Levels
Resistance Levels: 0.7635, 0.7620, 0.7571
Support Levels: 0.7484, 0.7436, 0.7340
AUDUSD Long-term Trend: Bullish
As you can see from the day, AUDUSD appears to have entered a bullish consolidation cycle and hovered around 0.7500-71, reaching new highs. However, the RSI overbought condition is pushing bulls back to the 0.7500 levels, but any further decline will be met near the 0.7484 level.

However, AUDUSD may have to contend with a 38.2% retracement from 1.1079 (high) to 0.5506 (low) at 0.7620 levels, strongly indicating the end of the long-term downtrend from 1.1079. Otherwise, the current rebound from the 0.5506 level may still be a correction of the long-term trend.
AUDUSD Short-term Trend: Bullish
In the short term, AUDUSD accelerates to 0.7571 and the intraday bias remains in place. The current rally from the 0.5506 level could target the key long-term 0.7620 level. In the short term, buying long positions above the level of 0.7520 with targets at 0.7580 and 0.7620 in the long term may be a likely scenario.

However, a permanent breakout could confirm a long-term trend reversal. On the other hand, a break of the minor support at 0.7484 could change the neutral intraday sentiment and lead to consolidation ahead of another rally.

Note: Learn2.Trade 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 result

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Author : Azeez Mustapha

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