AUDUSD looks tasty for the bulls at $0.77 resistance level
The price is in a bullish trend
AUD/USD Weekly Price Analysis – April 19
Should bulls increase their momentum, the price might further rise to $0.78 and $0.80 respectively in the upper resistance area.
AUDUSD Market
Key Levels:
Resistance levels: $0.78, $0.80, $0.82
Support levels: $0.75, $0.74, $0.72
AUDUSD Long-term trend: Bullish
AUDUSD moves in an upward momentum in the long-term outlook. Bulls’ gradual return changes the trend of AUDUSD to an upside briefly as the session begins today.
$0.77 in the resistance area opens today’s daily session as buyers remain dominant as at the present.
Price is up initially at $0.77 in the resistance area. However, if the buying pressure increases the price may likely reach $0.80 in the upper resistance area.
The price trading above the two EMAs suggests an upward momentum in price of AUDUSD, a confirmation of bullish movement.
The stochastic oscillator signal pointing down at 86% is an indication of downward momentum in price, and sellers may likely change the market direction in the future.
Hence, buyers’ relief.
AUDUSD Medium-term Trend: Bullish
The price of AUDUSD is in an ascending channel, with a bullish candle at $0.77 in the resistance area in the 4-hour chart.
The price is above the two EMAs and the formation of an inverted pin bar indicates there is likely to be a reversal in the price of AUDUSD.
The stochastic oscillator signals downwards at level 62% in the oversold region implying buyers may take over the market in the days ahead in the medium-term.
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