Forex Trading: AUDUSD Reversed at $0.701, Targeting $0.711

Forex Trading: AUDUSD Reversed at $0.701, Targeting $0.711
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AUDUSD Price Analysis – April 22

The demand level of $0.701 seems to be a bullish reversal point for the AUDUSD currency pair as it can be seen on the 4-hour chart, a pin bar candle formation at the demand level of $0.701. The bullish pressure may push the price of AUDUSD up to reach $0.711 level.

 

AUD/USD Market

Key levels:

Supply levels: $0.711, $0.722, $0.728
Demand levels: $0.701, $0.692, $0.680

 

AUDUSD Long-term trend: Bearish

AUDUSD is on the downtrend on the daily chart. The Bears rejected further increase in AUDUSD price at $0.722 on April 17. They gained enough pressure and broke down the former demand level of $0.711. The price fell down to the low of $0.701 demand level with the formation of a strong massive bearish candle. On April 25, a Doji candle formed at the $0.701 demand level followed by bullish candles which indicate a bullish reversal at the mark.

AUDUSD Daily chart, April 29

The currency pair has crossed the two EMAs downside. The pair is trading below the 21 periods EMA and 50 periods EMA with the former crossed the later. However, the Relative Strength Index period 14 is at 40 levels and the signal line pointing up to indicate buy signal and increase in the Bulls’ pressure. The bullish pressure may push the price of AUDUSD up to reach $0.711 level.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the medium-term outlook. The demand level of $0.701 seems to be a bullish reversal point for the AUDUSD currency pair as it can be seen on the 4-hour chart, a pin bar candle formation at the demand level of $0.701.

AUDUSD 4 hour chart, April 29

AUDUSD price is currently crossing over the 21 periods EMA as a sign of an increase in the bullish momentum. The Relative strength index period 14 is above 50 levels with the signal line pointing up to connote 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