AUD/USD is Unstable at 0.78 Level- Can It Push Lower?
April 29, 2021|The Forex Secret – AUD/USD is one of the most traded major currency pairs that represent the Asian giant country, Australia versus The United States. Despite the dovish FOMC yesterday AUD/USD is unstable above the 0.78 level. Can the price push higher? let’s see the detailed price analysis from the Forex Secret technical analysi
AUD/USD Technical Analysis- Can Bears Push the Price Lower?
AUD/USD is trading near the 0.7784 level at the time of writing with massive strong selling pressure and a bearish 4-hour candle close from 0.78 level.
The price remains within the range from 0.76 to 0.78 level for a couple of months where 0.78 is the ultimate resistance of this pattern. Therefore investors should wait for a strong breakout above this level to see a solid impulsive movement either upside or downside.
If we look at the daily chart we can see that the price is facing dynamic support from 20 EMA at 0.7726 level. Moreover, the price has a bullish candle close from the dynamic support pointing out that balls are active in the price. As a result, the price made a sharp move but failed to close about the 0.78 level.
During the early Asian session, the price started to push lower from 0.78 level but investors should wait for a strong daily close for further direction. In the intraday chart, the price moved lower below the dynamic level indicating that short-term sellers are active in the price.
Therefore as long as the price is trading below the dynamic 20 EMA, we may expect more bearish pressure in the coming session where the primary target would be at the 0.76 level.