TECHNICAL ANALYSIS

AUDUSD continues to surpass the peaks of early April


April 14 high at 0.6444

The AUDUSD continues to be left handed above the summits of early April. These peaks reached 0.6444. The price exceeded this level during the Asian session. The lowest since then has been 0.64435. The price is currently trading at 0.64512. If the price is able to maintain its support, this would be the best scenario for the long ones. An upward trend line is currently around the 0.6491 level. Adam wrote an article earlier explaining why AUDUSD should continue to climb higher over time. You can read it here
April 14 high at 0.6444

A return below the level of 0.6444 should encourage further analysis of the technical inability to go back up. Long ones could just get tired.

On the downside, there are a number of swing levels that entered the level of 0.63962 to 0.64077 (see the yellow area). An upward trend line from the April 22 low crosses this yellow area. The 38.2% retracement of the increase from last week’s trough is just below this level at 0.63874 and could not be ruled out on a bearish dynamic.

For now however, although the price is out of the highs, and buyers and sellers are fighting between the level of 0.64444 and the high of 0.6471 for the day, buyers are still holding hands stronger .

Looking more broadly at the daily chart, the downward movement at the end of December to the March low as the 61.8% retracement to 0.64498. It’s just below the current trading level. If the price can find a way to stay above, the next key upward target is at 0.6571. Above that and the 2019 swing bottom between 0.6662 to 0.6684 and the 200-day MA at 0.66915 would be targeted.

AUDUSD every day.

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