AUDUSD has become volatile and currently trading inside the ranges of 0.7680 to 0.7550 area. AUDUSD remains below 0.7620 psychological event area. Bears to continue the bearish pressure further in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s AUD/USD Technical Analysis.
April 12, 2021, | AtoZ Markets – AUDUSD is currently trading around 0.7610 area and trying to push higher. After bouncing from 0.7530 to 0.7550 support level, the bulls pushed the price upside quite impulsively, but failed to sustain the bullish pressure over 0.7680 to 0.7700 area and declined. As per the current price action, the price may face strong resistance at the dynamic level of 20 EMA on the intraday chart in the coming days.
Moreover, on Friday, the U.S. Securities and Exchange Commission said it found “conceivably deceptive” claims and insufficient controls around investing social, environmental, and administration issues in a survey of investment consultants and assets. On the other hand, Australia’s national bank will probably keep interest rates at a record low of 0.1% at its month-to-month strategy meeting this week, a larger part of economists surveyed by Reuters appeared, with the rates seen at that level through the end of 2022.
AUDUSD Remains Below as the Bears Are Still Optimistic
AUDUSD is currently residing near 0.7610 area and trying to recover upside. However, the Kumo Cloud is still holding the price as strong support on the intraday chart.
Image: AUDUSD 4 Hour Chart
According to the 4-hour chart, AUDUSD remains below and currently trading around 0.7610 area. As per the current scenario, if the price can have an impulsive bearish candle close below 0.7620 to 0.7600 area, the bears may sustain the bearish pressure towards 0.7550 to 0.7530 area in the coming days. Alternatively, if the price pushes higher and had an impulsive bullish candle close over 0.7600 to 0.7620 area, the bulls may regain momentum and recover higher towards 0.7680 to 0.7700 area in the process.
Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may work as strong resistance to push the price downside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
AUDUSD Still Indecisive Inside the Range
According to the daily chart, AUDUSD remains below and currently trading around 0.7610 area. As per the current price action context, if the price can break below 0.7550 to 0.7530 area with an impulsive daily bearish candle close, the bears may push the price down towards 0.7380 to 0.7350 area in the days ahead. On the contrary, if the price recovers higher and breaks above 0.7680 to 0.7700 area with a daily bullish candle, the bulls may regain momentum and push the price upside towards 0.7820 to 0.7850 area in the coming days.
Image: AUDUSD Daily Chart
In addition, the dynamic level of 20 EMA is currently residing above the price. So, it may work as strong resistance to push the price downside. Also, the MACD lines are currently residing below the 0.00 level and had a bullish crossover. It indicates that the bulls may regain momentum in the process.
To conclude, as long as the price residing over 0.7530 to 0.7550 support level, the bias will remain bullish. An impulsive daily breakout is needed to identify the definite momentum in the coming days.