AUD/USD Topping at 0.7820? — Forex News

The Australian versus the United States dollar currency pair seems to be having some trouble continuing the rise. Is this the end of the growth?

Long-term perspective

From the 0.7413 high, the price fell under the level it just conquered, 0.7320. This triggered even further bearish interest, leading to the continuation of the fall until the 0.7010 level.

After a consolidation that ended with the false bearish piercing of 0.7010, highlighted by 0.6991, the bulls resumed their matters, driving the price back to 0.7320.

This time, they made sure that the bears don’t stand in their way, so they pierced it and departed from it, meeting the next resistance at 0.7453. Continuing this manner, they reached the high of 0.7820, just above the firm area of 0.7744.

However, after such an appreciation, a consolidation phase or a correction is needed if the rise is to continue.

Still, the fact that the price slipped under 0.7744 may attract bearish interest. Nevertheless, as long as each fall is joined by more bulls, the consolidation is at little risk of being overthrown by the bears. So, as long as the consolidation continues, 0.7744 being secured by the bulls is just a matter of time.

If this is to be the case, 0.7914 is the next bullish target. Only if the fall continues, then the price may reach 0.7587.

Short-term perspective

After the swift validation of 0.7460 as support, the price climbed until the 0.7820 high. From there, a consolidation phase started, with 0.7667 serving as support.

If the bulls are able to validate 0.7667 as support or, even better, if they stop the fall before the level is even reached, then 0.7742 is the next target. Once 07742 is confirmed as support, 0.7883 is the next bullish objective.

On the flip side, if 0.7667 cedes, then the price could revisit 0.7580.

Levels to keep an eye on:


D1: 0.7744 0.7914 0.7587
H4: 0.7667 0.7742 0.7883 0.7580


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