AUDUSD Propels to Session High Past 0.7620 Amid US Stimulus Progress

17 December 2020 | Updated: 17 December 2020

AUDUSD Price Analysis – December 17

The AUDUSD propels to a session high past 0.7620 during the European session while extending its four-day in a row winning traction. The US stimulus progress is responsible for the US dollar’s slide and may be mainly attributed to the optimism over the progress on a US $900 billion covid aid package.

Key Levels
Resistance Levels: 0.7750, 0.7635, 0.7620
Support Levels: , 0.7571, 0.7413, 0.7340
AUDUSD Long term Trend: Bullish
As seen on the daily charts, AUDUSD bulls need a sustained break above the 0.7620 level to confirm the bullish pattern. The 0.7750 areas are also an obstacle to growth. Meanwhile, a pullback below the 5 moving average at 0.7550 may initially nullify the bullish sentiment and send AUDUSD mid-term sellers to a weekly low around 0.7500.

In a broader context, sustained trading past horizontal resistance at 0.7620 is a sign of medium-term bullish sentiment. However, AUDUSD may need to reverse the 38.2% retracement from 1.1079 high to 0.5506 low at 0.7635 to finally signal the end of a long-term downtrend from 1.1079. A deviation from the 0.7635 level would instead maintain a long-term bearish trend.
AUDUSD Short term Trend: Bullish
The AUDUSD rally continues, reaching a temporary high of 0.7627. Intraday bias is back to the pivotal 0.7635 barriers. A decisive breakout could lead to stronger bullish consequences. The next target is the 61.8% forecast from 0.5506 to 0.7413 levels from 0.7001 at 0.7750 levels.

On the other hand, a break of the 0.7507 support level is needed to indicate a short-term peak. On the contrary, in the event of a pullback, the trend may remain bullish. Technically, the uptrend line, currently near the 0.7300 level, could support the AUDUSD bulls. However, any move down below the level could spur the bears.

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 results

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.