Unable to Break Through Key Resistance Zone, AUDUSD Returns to Test Recent Swing High on the Level at 0.6776

Unable to Break Through Key Resistance Zone, AUDUSD Returns to Test Recent Swing High on the Level at 0.6776

AUDUSD Price Analysis – October 10

The Australian dollar is trending towards the highs and in the process, it’s testing the recent swing highs around the level at 0.6776. In the previous session, the FX pair depreciated downwards, however it reversed to the north in the current trading session.

Key Levels

Resistance Levels: 0.7085, 0.6895, 0.6805

Support Levels: 0.6740, 0.6710, 0.6671

AUDUSD Long term Trend: Bearish

AUDUSD moved higher from the lows and trending 50 pips higher after the open, the pair was able to hold on to its gains as the bulls took charge and may exit the session above its opening price.

The price is currently trading at 0.6761, after consolidation from the level at 0.6671, meanwhile, its recovery might extend further but likely to be restricted by resistance on the level at 0.6895. On its downside, a firm break of the level at 0.6671 will confirm the resumption of the bearish trend.

AUDUSD Short term Trend: Ranging

On the flip side, the pair’s intraday bias remains neutral first. While the potential target for the currency exchange rate for the session may not surpass the level at 0.6776.

The pair is unable to break through the key technical resistance level at 0.6776, AUDUSD may close below it after spiking up to 0.6774 earlier during the day. And failure to close above the resistance may increase that level’s importance going forward.

Instrument: AUDUSD
Order: Sell
Entry price: 0.6776
Stop: 0.6895
Target: 0.6671

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Author : Azeez Mustapha


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