In today’s analysis we follow up on the AUDUSD pair. We last wrote about the pair when it found support. This was before price tried to resume its bullish price action. But failed to move in that direction . Instead we saw price trade bearish for weeks . Here is a link to the previous analysis on this pair.https://fxsits.com/audusd-to-resume-its-bullish-movement-after-bearish-retracement/.
In the charts we see how the daily and monthly price action have finally found support at level 0.71029 .With price trading above the level and managing to hold this giving us the green light for further bullish movement in the upcoming market sessions.
Today the autrades above support level 0.713305.This is after it found resistance at level 0.74800. We believe that If price finds support at this level and moves bullish. Then level 0.74800 could also act as our resistance level as well. If price is breaks bullish then we could see level 0.74007 being exposed .This level could be our next Resistance level. However, if we see price moves bearish past its recent support level 0.72895 .Then our major support level will be exposed and price may continue its bearish movement.
We believe that the pair could move bullish in the long term due to inflation and devaluation of the dollar. Thus making the G10 currencies more stronger than the dollar. We can only patiently wait and see how price performs in the upcoming market sessions so a to make decisions on how to trade the pair.
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