AUDUSD Upside Bias Stays Around 0.7100 Level As Prevalent USD Selling Bias and Upbeat Market Mood Remains Supportive

AUDUSD Price Analysis – July 23

AUDUSD upside bias is consolidating as expected after a dramatic surge around 0.7100 levels following today’s intraday pullback. The pair is retaining its positive traction while being supported by the prevalent selling bias around the US dollar and upbeat market mood.

Key Levels
Resistance Levels: 0.7300, 0.7250, 0.7205
Support Levels: 0.7064, 0.6777, 0.5906
AUDUSD Long term Trend: Bullish
Although the daily RSI momentum has registered at the overbought territory and stepping down itself while the price is at major support, further consolidation is allowed at this point, with an eventual resumption of the up move.

Only if the pair slips below 0.7100 level, bears can look for further downside, until then 0.7205 level remains on the table. This will remain the preferred case as long as it stays above the MA 5 and MA 13. Sustained trading below MA 5 and MA 13 will turn the focus back to 0.5506 low level instead.
AUDUSD Short term Trend: Bullish
AUDUSD rises to as high as 0.7183 level so far, just inch below 61.8% projection of 0.6402 to 0.7064 levels from 0.6777 at 0.7183 levels. Intraday bias stays on the upside first. Sustained break of 0.7183 level will target the long term high level at 0.7300 level next.

On the downside, a break of 0.6938 support level is needed to confirm short term topping. Otherwise, outlook will remain bullish in case of retreat. Everything being equal, the exchange rate could continue to trade within the ascending trendline within the following trading session.

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