AUDUSD May Break Up $0.718 Level and Targets $0.722

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AUDUSD Price Analysis – April 15

The bullish momentum extended to $0.718 supply level. The Bears rejected further increase in price. The price movement has formed a chart pattern called Ascending triangle. There is a possibility that the Bulls will break up the $0.718 supply level and target $0.722. In case $0.718 level holds sideways movement may continue within the ascending triangle.

AUD/USD Market

Key levels:

Supply levels: $0.718, $0.722, $0.728
Demand levels: $0.711, $0.706, $0.701

 

AUDUSD Long-term trend: Bullish

The currency pair is bullish on the daily chart. The bearish momentum bottomed AUDUSD at $0.701 on March 7. The following day, a bullish engulfing candle formed which signaled the arrival of the Bulls in to the AUDUSD market. The Bulls pushed the currency pair towards $0.711 price level. It consolidated for more than ten days at $0.71 level. On April 8, another bullish engulfing candle formed which pushed up the currency and broke up the significant level of $0.711. The bullish momentum extended to $0.718 supply level. The Bears rejected further increase in price. The price movement has formed a chart pattern called Ascending triangle.

AUDUSD Daily chart, April 15

AUDUSD is placed above the 50 periods EMA and 21 periods EMA in which the latter is trying to cross the former EMAs upside to confirm the bullish movement. Nevertheless, the Stochastic Oscillator period 14 is at 80 levels bending down to indicate sell signal which may be towards the lower trend line of the triangle. There is a possibility that the Bulls will break up the $0.718 supply level and target $0.722. In case $0.718 level holds sideways movement may continue within the ascending triangle.

AUDUSD medium-term Trend: Bullish

AUDUSD is on the bullish movement on medium-term outlook. The Currency pair made a higher highs movement from $0.706, broken up the former resistance level of $0.711 and topped at $0.718. The formation of ascending triangle is confirmed.

AUDUSD 4-hour chart, April 15

The 21 period EMA has crossed over the 50 periods EMA as a bullish trend confirmation and AUDUSD is trading above the two EMAs.

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About AzeezMustaph

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