AUDUSD bulls have regained momentum and broke above 0.7670 to 0.7700 resistance level. AUDUSD surged over 0.7700 psychological event area. Will bulls push the price 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.
April 19, 2021, | AtoZ Markets – AUDUSD is currently trading around 0.7730 area and trying to push higher. After an extended period of volatility, the bulls have found support around 0.7500 to 0.7550 area and pushed the price upward quite impulsively. As per the current price action, the price may find support at the dynamic level of 20 EMA on the intraday chart in the coming days.
AUDUSD Surged Over as the Bulls Are Still Residing On the Market
AUDUSD is currently residing near 0.7730 area and trying to recover upside. However, the price has an impulsive weekly bullish candle close over 0.7670 to 0.7700 area.
Image: AUDUSD 4 Hour Chart
According to the 4-hour chart, AUDUSD surged over and currently trading around 0.7730 area. As per the current scenario, if the price can have a 4-hour bullish candle close above the last candle’s high, the bulls may sustain the bullish pressure towards 0.7800 to 0.7850 area in the process. Alternatively, if the price breaks below 0.7700 to 0.7670 area with an impulsive bearish candle, the bears may regain momentum and push the price down towards 0.7750 to 0.7500 area in the days ahead.
In addition, the dynamic level of 20 EMA is currently residing below the price and holding the price as strong support. So, it indicates that the bulls may continue the bullish pressure further in the coming days. Moreover, the MACD lines are currently residing over the o.oo level and may have a bullish crossover. It also indicates that the price may recover further higher in the process.
AUDUSD Bulls Are Optimistic
According to the daily chart, AUDUSD surged over as the bulls are optimistic. As per the current price action context, if the price can have an impulsive bullish candle close above 0.7670 to 0.7700 area, the bulls may continue the bullish bias towards 0.7800 to 0.7850 area as a first target. The second target will be 0.7970 to 0.8000 key area if the price can break over 0.7800 to 0.7850 area in the coming days.
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 of 20 EMA may act as strong support to push the price upside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process. However, the Kumo Cloud is still residing above the price. Therefore, the price needs a bullish candle close over it to continue the bullish pressure further in the days ahead.
To conclude, the bears failed to sustain the bearish pressure below 0.7750 to 0.7500 area. As the bulls take over the market again, there is a high chance that AUDUSD may continue the bullish bias further in the coming days.