AUDUSD PRICE ACTION

On April 13th we saw the AUDUSD form certain price action. https://fxsits.com/could-the-audusd-soar-bullish/. We have seen the pair move towards the targeted level. However, we must acknowledge that price doesn’t just move in a straight line. It consolidates, forms pullbacks and thrust, as it move in either direction. Looking at the AUDUSD, our target was set at level 0.69154.

Up until this date the AUDUSD PRICE ACTION has broken past level 0.62696 and level 0.63669 (daily chart attached below). This level acted as a resistance on April 13th. Level 0.63669 now acts as a support. We see this from the 21th to the 24th of April. Thus breaking towards the target level.

AUDUSD Daily 7 may 2020
AUDUSD Daily chart 7 may 2020

BROKEN LEVELS

Now that price has broken level 0.636696. We see that price is holding well above level 0.636696. Meaning, we could ride along the bullish movement of the pair to its target level 0.69154. To confirm this, you can also watch the H4 time frame. It shows us that, price has been on a long-term bullish trend. As you can see price hasn’t broken the long-term H4 bullish trend line. We see that, price is above the long-term bearish trend-line in the daily chart.This signalizes a confirmation that price could be moving towards its target in due time.

CHART EXPLANATION

On the daily Chart, we see that price resisted at level 0.65660. This resistance level price has formed a pullback back to level 0.62696. Level 0.62696 acted as a support from 4th of may to the 6th of may. After that breaking with an engulfing daily candle (use the chart as reference for proper understanding).

AUDUSD H4 chart 7 may 2020

ANALYST VIEW

As it stands our analysts at fxsit predict that the AUDUSD price action movement for the upcoming weeks or months is as follow: In the daily and H4 chart, if price remains well above the Fibonacci level 61.8, and level 0.636696. Which is a support level at the moment, then price could continue to move bullish to its target level.

OPPOSITE MOVEMENT OF THE PRICE ACTION ON AUDUSD

If price moves bearish, closes below the level 0.636696 and act as a resistance. Then we could see price fall to level 0.59749 and possibly level 0.57006. Sign-up for Smart signals in order to get Specific entries and exits for this pair.

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