AUDUSD Is Trending Upwards, Targeting $0.711

AUDUSD Is Trending Upwards, Targeting $0.711
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AUDUSD Price Analysis – July 15

The Bulls may push the price up further to reach the supply level of $0.711 provided the Bulls maintain their momentum.

AUD/USD Market

Key levels:

Supply levels: $0.711, $0.722, $0.738
Demand levels: $0.701, $0.692, $0.682

 

AUDUSD Long-term trend: Bullish

AUDUSD is bearish on the daily chart. AUDUSD was bearish at the early stage of the last week market. The Bears was in charge and the bearish momentum bottomed the pair at the demand level of $0.692. The Tweezer bottom candle pattern was produced; this is the bullish reversal candle pattern. This candle pattern brought about the bullish ride of the price in the daily chart. AUDUSD price increased and broke up the two EMAs (dynamic resistance level) and reached the $0.701 level last week before the market closed.

AUDUSD Daily chart, July15

Another daily bullish candle emerged at the $0.701 level, the price is moving towards $0.711 level. The price has broken up the 21 periods EMA and 50 periods EMA, currently trading above the two EMAs. The Bulls may push the price up further to reach the supply level of $0.711 provided the Bulls maintain their momentum. Moreover, the Stochastic Oscillator period 14 is at 75 levels with the signal lines point up to indicate a buy signal.

AUDUSD medium-term Trend: Bearish

AUDUSD is bullish in the medium-term outlook. On July 10, AUDUSD found its support at $0.692 demand level, a pin bar candle was formed and the price soared to the north side. Dynamic support and resistance level were penetrated. The bullish momentum extended towards $0.701 level, the level did not hold and the price was placed above the $701 moving towards $0.711.

AUDUSD 4-hour chart, July 15

The price is trading above the 21 periods EMA and 50 periods EMA, the 21 periods EMA has crossed over the 50 EMA upside as a confirmation of the bullish trend.

The Stochastic Oscillator period 14 is above 75 levels with the signal lines pointing up which indicates a buy signal.

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About AzeezMustaph

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management