AUDUSD Upside Move Capped by 0.7650 Barriers Despite USD Weakness

AUDUSD Upside Move Capped by 0.7650 Barriers Despite USD Weakness

AUDUSD Price Analysis – April 8

The AUDUSD pair remained above 0.7600 level for the first half of Thursday’s trading, but without gaining any firm upside traction while being capped by the barrier at 0.7650. The rise was aided by the current risk-on mood, which weakened the US dollar’s safe-haven status and boosted perceived riskier currencies, such as the Australian dollar.

Key Levels
Resistance Levels: 0.7850, 0.7725, 0.7650
Support Levels: 0.7531, 0.7461, 0.7220
AUDUSD Long term Trend: Ranging
On the daily AUDUSD time frame, we can see that the moving averages of 5 and 13 are under the trendline resistance which acts as a barrier. Bulls are also keeping an eye on the new 0.7650 level high for a possible upside breakout.

In terms of technical analysis, a simple split beyond the barrier at 0.765 favors bulls going north. RSI conditions, on the other hand, may pose a challenge to the bulls after that. As per the RSI trading beneath its midlines of 50, it signals a more consolidative stance and likely declines on the downside.
AUDUSD Short term Trend: Ranging
From level the end of the prior month, the AUDUSD has been trading horizontally, with an initial ranging intraday bias. To extend the correction to the 0.7650 zones, at least one more shift down is necessary. It’s worth noting that the high RSI conditions past the midline zone increase the likelihood of the pair moving higher.

A break of the 0.7557 level on the downside might move the downside bias from 0.5506 to 0.7064 at 0.6462 levels for a 38.2 percent retracement. AUDUSD is turned neutral as it retreated after hitting 0.7650. Another rise is mildly in favor as long as 0.7557minor support holds. Above 0.7650 will resume the rebound from 0.7531 short-term bottom to 0.7850 resistance.

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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.