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

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

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News