AUDUSD has become impulsive and non-volatile after bouncing from 0.7580 to 0.7600 support area. AUDUSD strikes above 0.7660 psychological event level. Will it recover further upside 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.
February 8, 2021, | AtoZ Markets – AUDUSD is currently trading around 0.7676 area and trying to push upward. After bouncing from the dynamic level of 20 EMA on the daily chart, the bulls pushed the price upside quite impulsively, but failed to sustain the bullish pressure over 0.7800 to 0.7820 key level. As per the current price action, the price may face strong resistance around 0.7800 to 0.7820 key level again in the days ahead.
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AUDUSD Strikes Above as the Bulls Are Still Residing on the Market
AUDUSD is currently residing near 0.7676 area and trying to recover higher. However, the price also broke over the Kijun line and the Tenkan line on the intraday chart.
Image: AUDUSD 4 Hour Chart
According to the 4-hour chart, AUDUSD strikes over and currently trading around 0.7676 area. As per the current price action, if the price retraces towards 0.7650 to 0.7660 area and bounced upside with an impulsive bullish candle close, the bulls may recover higher towards 0.7800 to 0.7820 key area in the coming days.
In addition, 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 of 20 EMA may act as a strong support to push the price upward. Besides, the Kijun line and Tenkan line may work as a confluence of the dynamic level in the process.
AUDUSD May Sustain the Bullish Trend
According to the daily chart, AUDUSD strikes above as the bulls are optimistic. As per the current scenario, if the price can have a daily bullish candle close above the last candle’s high, the bulls may continue the bullish trend towards 0.7800 to 0.7820 area as a first target. The second target will be 0.7880 to 0.7900 area if the price breaks above 0.7800 to 0.7820 area in the coming days.
Image: AUDUSD Daily Chart
Along with this, the dynamic level of 20 EMA is currently residing near the price. It may work as strong support in the days ahead. Also, the Stochastic Oscillator lines are currently residing above the oversold level 20 and had a bullish crossover. It indicates that the bulls may sustain the bullish pressure further in the process.
To conclude, as long as the price residing above 0.7580 to 0.7600 support level, the bias will remain bullish. A daily close is needed to identify the definite momentum in the coming days.