AUD/USD Technical Analysis- Bulls to Set Price Direction
April 23, 2021|The Forex Secret – AUD/USD is one of the famous trading pairs representing the Asian economic giant, Australia. Last week, Australian Retail sales showed a better than expected report that pushed the AUD/USD price higher at 0.78 level. However, the price failed to remain stable at this level and moved back. Currently, it is trading between the range of 0.7583 to 0.7800 level. As long as the price is trading below this level we may expect a test of a higher or lower limit.
AUDUSD Technical Analysis- Dynamic Levels are in Play
AUD/USD is trading at the middle of the range, where the dynamic level of 20 EMA is providing minor support. Therefore, as long as the price is trading above the dynamic level of 20 EMA with a daily close, we may expect more bullishness in the price.
Currently, the price is very corrective as it moved above the 0.7700 psychological level. Moreover, dynamic 20 EMA is providing minor support to the price. Therefore, based on the current price action, It may move higher towards 0.78 level in the coming weeks.
On the other hand, a strong bearish daily close below the 0.77 level may alter the current market structure. In that case, the primary target would be 0.7580 level.
Is AUDUSD A Buy?
Based on the current price action, the primary outlook of the AUDUSD is bullish. However, a strong bearish daily close below the 0.77 level may alter the current market structure. In that case, the primary target would be 0.7580 level.
Investors should be cautious about the extreme market volatility that may come from the Inheritance tax settlement from the Biden Administration.