AUDUSD

Since our previous post.(https://fxsits.com/audusd-price-movement/). We’ve seen the AUDUSD bullish momentum slowly die down. In the chart you’ll notice that. The pair moved from its support level 0.69202 to level 0.72334 where it finds resistance.This occurring from the June up until now. The pair moved 452 pips during that period. Due to the Dollar depreciation the Australian Dollar has been gaining strength for 3 months now.

AUDUSD H4 TIME FRAME
AUDUSD H4 TIME FRAME

We believe that the AUDUSD still has potential for a bullish continuation. This only possible if price breaks the level 0.72334 which acts as a resistance. For now, level 0.70751 acts as a support as price trades above the level and near resistance level 0.72334.

If the AUDUSD does break the level 0.72334. This exposes level 0.73910 which could act as our new resistance level. We may see the AUDUSD bullish momentum resume if this is true. But, if we see price pullback to level 0.70751 which is our current support level. And breaks below that level ,we could see level 0.69202 being exposed .

AUDUSD DAILY TIME FRAME.
XAUSD H4 chart 21 may 2020

Through this pandemic many economies have been affected. The US especially,with the dollar weakening by the day. We believe that we will be seeing more of the dollar depreciate in the up coming months. Reason for this being, the USA Elections are drawing near and the struggle to still find a vaccine. For more information on where to enter and exit the pair feel free to join our smart plans

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

Follow Us

Leave a Reply

Your email address will not be published.