AUDUSD Upside Run Gains Traction for the 2nd Day Amid a Drop in US Yields

AUDUSD Upside Run Gains Traction for the 2nd Day Amid a Drop in US Yields

AUDUSD Price Analysis – April 15

During the trading on Thursday, the AUDUSD regained a positive bias for the 2nd day in a row, with investors now looking for a steady advance toward the 0.7800 levels. Several factors aided the trend, including upbeat market bias and a drop in US yields with a softer mood on the US dollar.

Key Levels
Resistance Levels: 0.8000, 0.7850, 0.7800
Support Levels: 0.7700, 0.7650, 0.7585
AUDUSD Long term Trend: Ranging
The exchange rate is currently surging at $0.7754, attempting to break towards the 0.7800 regions. The AUDUSD may be on the verge of a breakout to its yearly high at 0.8007 high. If the breakout occurs, a surge past the 0.8000 zones is possible in April. However the upside pressure continues, bullish traders would most likely reach the next horizontal resistance line at 0.7800, which is located at the overbought RSI conditions.

A continuous break out of the 0.7650 convergence zone, on the other hand, will confirm the end of the upside run from the 0.7725 level. If the 0.7800 high is retested first, the intraday bias may turn bullish. A breach of the 0.7800 marks, on the other hand, could return the correction lower to the 0.7513 levels.
AUDUSD Short term Trend: Ranging
The intraday bias for the AUDUSD remains unchanged, with the focus shifting from 0.7565 support to 0.7761 resistance. As a result, a continuous breach may indicate that the pullback from 0.8000 was effective. Intraday bias will be moved back to the upside to retest this height.

Breaking the AUDUSD level of 0.7800 will suggests renewed growth from the level of 0.7585. The intraday trend is growing again. And the next target is the long-term level of 0.8000. On the other hand, a dip below the minor support level of 0.7700 could change the bullish bias and trigger sideways trading.

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.