AUDUSD PRICE ACTION

For sometime the AUDUSD has been on a bullish trend. On the H4, we see that after price recovers from its bearish fall. A movement caused by the Corona outbreak. In the daily chart, we see how price finds support at level 0.57006. Howver, the question at bay is Could the AUDUSD soar bullish?If so up until where.

To add on, we also witness a bullish turn. Where price finds support before resuming bullish at level 0.59749. Price then proceeds then breaks the Fibonacci 50.0 level. Thus, further pushing into the 61.8 Fibonacci retracement levels. Our analysts at FXSits believe that if price remains above level 0.62696 . This could indicate that price will continue bullish.

Howvever, we think that price will face difficulties moving past these resistance levels as it moves to it’s target.Thus answering the previous question (Could the AUDUSD soar bullish?). We predict price could soar bullish until level 0.69154 is reached. Making it our targeted level. At that level will we know whether price will retrace continue moving bullish.

AUDUSD H4 chart

However, we think that price will face difficulties moving past these resistance levels as it moves to it’s target. Thus answering the previous question (Could the AUDUSD soar bullish?). We predict price could soar bullish until level 0.69154 is reached. Making it our targeted level. At that level will we know whether price will retrace continue moving bullish.

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