Howdy. Today we take a look at AUDUSD we last spoke about the pair when it was resuming its bullish trend. In todays chart we may notice how price found resistance. Price has moved bearish for that past 3months .The pair has broken the major support .And we can see sellers take control of the market. The link below is the previous analysis we did on the pair. https://fxsits.com/the-audusd-continues-bullish-trend-after-moving-past-higher-high/ .
In todays chart specifically the daily chart we see how price found resistance at level 0.80025 before falling to level 0.72895 where it finds support. In the chart price trades above support level 0.72895. We believe that if price holds above the support level then we may see support and resistance level 0.75261 being exposed. which will be our next Resistance target . If prices moves bullish and manages to hold above the next target resistance level .Level 0.78166 may possibly be exposed. we think that price will reach it in the upcoming weeks.
The USD has been gaining more strength of recently. This has affected which G10 pairs trading against the USD. To add on, the recovering US economy has also boosted the currency’s strength. It happens to be performing quite well . Attached are both the H4 AND Daily charts for your proper understanding . We at FXSITS think the pair did find support and will be resuming its bullish movement for some weeks to come.
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