AUDUSD broke over 0.7740 to 0.7750 resistance level on last week’s Friday with a daily bullish pin bar. AUDUSD climbed over 0.7750 psychological level. Bulls to sustain the bullish trend further in the process? What are the charts and technical indicators are saying? Read more to find further insights into today’s AUD/USD Technical Analysis.
February 15, 2021, | AtoZ Markets – AUDUSD is currently trading around 0.7785 area and trying to recover higher. After bouncing from the dynamic level of 20 EMA, the bulls pushed the price upside quite impulsively and successfully broke above 0.7770 to 0.7778 higher high. As per the current price action, the price may face strong resistance around 0.7800 to 0.7810 key area in the coming days.
Moreover, U.S. President Joe Biden’s $1.9 trillion Coronavirus abatement package will move to the following stage during the week, with the House Budget Committee maneuvering all the parts into a solitary piece of enactment. On the contrary, Australia has gotten their first COVID-19 antibody conveyances and will start turning out vaccinations in the upcoming weeks, while the crowded urban communities of Melbourne and Auckland kept locked down following the rise of new coronavirus cases.
AUDUSD Climbed Over as the Bulls Are Still Residing on the Market
AUDUSD is currently residing near 0.7785 area and trying to push upward. However, the price is still residing over the Kumo Cloud on the daily chart.
Image: AUDUSD 4 Hour Chart
According to the 4-hour chart, AUDUSD climbed over and currently trading around 0.7785 area. As per the current scenario, if the price pushes upside towards 0.7800 to 0.7810 key resistance area and rejects with an impulsive bearish candle, the bears may regain momentum and decline towards 0.7778 to 0.7770 area as a first target. The second target will be 0.7720 to 0.7710 area if the price can break below 0.7778 to 0.7770 area in the days ahead.
In addition, the dynamic level of 20 EMA is currently residing below the price. It may work as strong support to push the price upward. So, the bears may regain momentum if the price can break below the dynamic level in the process. Also, the MACD lines are currently residing over the 0.00 level and had a bullish crossover. It indicates that the bulls may continue further upward. However, the histogram has created a bearish divergence, which indicates that the bears may regain momentum in the coming days.
AUDUSD May Sustain the Bullish Trend
According to the daily chart, AUDUSD climbed over as the bulls are still optimistic. As per the current price action, if the price pushes higher and breaks above 0.7800 to 0.7810 key resistance with an impulsive daily bullish candle, the bulls may continue the bullish trend towards 0.7880 to 0.7900 area in the coming days. Alternatively, if the price rejects 0.7810 to 0.7800 area with a bearish candle, the bears may regain momentum and push the price down towards 0.7720 to 0.7710 area in the process.
Image: AUDUSD Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may work as strong support to push the price higher. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
To conclude, after an extended period of bearish pressure, the bulls have successfully regained momentum. A daily close will help to identify the definite momentum in the coming days.