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AUDUSD Price Analysis – April 29
The AUDUSD pair fell from one-month highs of 0.7817 to register a low at 0.7773 at the time of writing and was last seen floating near the lower end of its daily trading range during the European session. The recent rebound in US bond yields can be counted as fundamental precursors behind the quote’s pullback.
Key Levels
Resistance Levels: 0.7880, 0.7850, 0.7817
Support Levels: 0.7725, 0.7650, 0.7513
AUDUSD Long term Trend: Ranging
Although the bears are expected to lose power near the 0.7770 marks, they will target the 0.7725 level and moving average (MA 200) support zone for more control before confirming the days low while hitting the round support number near the 0.7700 level.
For now, an upside breakout past the resistance level of 0.7800 will need to meet the key resistance level of 0.7850 before the bulls can take charge. While doing so, the 0.7817 mark, which is a multi-month high, can attract investor interest before the yearly peak, hitting the 0.7880 level.
AUDUSD Short term Trend: Ranging
The AUDUSD’s intraday bias tends to be neutral as convergence from level 0.7817 may tend to deepen further. With the 0.7725 support level intact, a rise from 0.7513 is still in favor of resuming trading from the 0.7880 level as soon as possible.
A definitive break of the 0.7817 marks, on the other hand, could confirm short-term topping and shift the downside bias to a steeper correction. In the not-too-distant future, the exchange rate will begin to rise again. The AUDUSD pair’s likely goal for the following trading session will be around 0.7850 points.
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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