HFM information and reviews
Octa information and reviews
FXCC information and reviews
FxPro information and reviews
FBS information and reviews
Vantage information and reviews

AUDUSD Daily: Bulls might be making a comeback

13 September 2021

The Aussie on the Daily time frame has been in a prolonged down trend until a lower bottom was reached on 20 August at 0.71061. After the lower bottom, bulls started charging ahead and the price broke through the 15 and 34 Simple Moving Averages. The Momentum Oscillator also confirmed the bullish momentum by breaking through the baseline into bullish territory. A possible critical resistance level was formed when a top was reached on 3 September at 0.74781. Bears are currently trying to pull the market lower but bulls might stop them at the 0.73210 support level.

AUDUSD Daily Chart

If the Aussie manages to break through the critical resistance level at 0.74781, then three possible price targets can be considered from there. Attaching the Fibonacci tool to the higher top at 0.74781 and dragging it to the bottom of the possible support level at 0.73210, the following targets can be calculated. The first target is estimated at 0.75752 (161.8%). The second price target can be forecast at 0.77323 (261.8%) and the third and final target might be anticipated at 0.79866 (423.6%).

If the support level at 0.73210 is broken, the above scenario is no longer in valid. As long as the bulls continue to dominate and demand overcomes supply, the outlook for the Aussie currency pair on the Daily time frame will remain bullish.

Written on 13/9/2021 by Theunis Kruger, FX Trainer at FXTM
For more information, please visit: FXTM

Share: Tweet this or Share on Facebook


Australian dollar hits 0.6650 amid mixed economic signals
Australian dollar hits 0.6650 amid mixed economic signals

The AUD/USD pair rose to 0.6650 on Wednesday following the release of Australian economic data. Australia's consumer price index (CPI) accelerated to 3.6% year-on-year in April, up from 3.5% in March. This slight increase in inflation could prompt questions about the Reserve Bank of Australia's (RBA) future interest rate decisions.

29 May 2024

Gold Prices Steadily Rise
Gold Prices Steadily Rise

The price of gold is climbing towards $2351.00 per troy ounce on Tuesday. After several days of fluctuation within a sideways range, this increase is significant. The rise is attributed to the localised weakness in the US dollar as the market eagerly anticipates the release of key US inflation data at the end of the week, particularly the Core PCE indicator on Friday.

28 May 2024

AUDUSD continues its attempt to strengthen
AUDUSD continues its attempt to strengthen

Friday's trading session started with the strengthening of the Australian dollar. Following the first news release, the AUDUSD pair rose to 0.6531.

26 Apr 2024

AUD/USD Dips to a 1-Month Low: A Technical Analysis
AUD/USD Dips to a 1-Month Low: A Technical Analysis

The AUD/USD currency pair has been experiencing a downward trajectory, slipping to a fresh one-month low of 0.6606, indicating a negative wave that initiated from 0.6870...

16 Jan 2024

Australian Dollar Grapples with Uncertainty Ahead of US Nonfarm Payrolls Release
Australian Dollar Grapples with Uncertainty Ahead of US Nonfarm Payrolls Release

The Australian Dollar (AUD) is exhibiting a phase of stability, yet with underlying pressures, as it hovers near a key psychological level of 0.6700...

5 Jan 2024

AUDUSD Wave Analysis: Facing Resistance and Poised for Potential Decline
AUDUSD Wave Analysis: Facing Resistance and Poised for Potential Decline

AUDUSD Encounters Stiff Resistance, Signaling a Potential Downward Correction. The Australian Dollar against the US Dollar (AUDUSD) has recently encountered...

29 Dec 2023

MultiBank Group information and reviews
MultiBank Group
XM information and reviews
FP Markets information and reviews
FP Markets
FXTM information and reviews
AMarkets information and reviews
BlackBull information and reviews

© 2006-2024 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.