Bottom line: AUDUSD bullish structure remains intact until prices stay above 0.5509 levels. Bulls are expected to remain in control for the next several trading sessions as an engulfing bullish pattern completes on the weekly chart.
Technical Analysis:
AUDUSD bulls remain poised to push higher and initial target could be 0.7030 resistance, the December 30, 2019 high. Please note that an engulfing bullish pattern has appeared on the weekly chart, which could be a potential trend reversal lasting up to several weeks.
A monthly chart has been presented today with trend line and major fibonacci resistance levels that could be faced going forward. Also the bigger picture would help understand the next potential direction.
The Aussie Dollar seem to have completed the drop from 1.1080 highs in July 2011. A series of lower lows and lower highs seems to have finally terminated around 0.5509 levels. During this bearish wave, a major support at 0.6009 (October 2008) has been taken out. Ideally, a counter trend rally (3 waves) should be expected as the next potential move.
The above counter trend rally may retrace the entire drop between 1.1080 and 0.5509 by up to 61.8% and reach 0.8950 levels in the next several months. Keeping the above larger picture in mind, we shall be bringing up the daily chart views from the next updates.
Most traders might be willing to initiate fresh long positions around current levels (0.6000/61000), with protective stop at 0.5500 and projected target towards 0.7030 respectively. Short term targets could be seen towards 0.6700/6800 levels according to lower timeframes.
Overall, AUDUSD remain bullish until prices stay above 0.5509 levels going forward. It might be safer to buy on dips after initial resistance at 0.6700 has been taken out. A price break above 0.6200 should be constructive for bulls to push further.
Prepared by
Harsh Japee, Technical Analyst.
AUDUSD Chart
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