The AUDUSD maintained a bullish momentum last week after bottoming at the 0.9056 levels, this development leaves the pair targeting the 0.9214 levels where a breach is likely, above this level will turn the focus on the 0.9317 levels, a halt is strongly suggested but stability above the 0.9317 levels will have large bullish implication towards 0.9555 ahead of the 0.9665 levels.
On the downside, support is at 0.9056, losing this level on a daily closing basis will flip bias back to the downside for retesting 0.8847 levels.
At the moment the pair is bullish according to the daily chart, now the smart question is for how long ?!!
Main resistance on weekly comes at the 0.9317 levels, the AUDUSD will have to hold above the 0.9317 levels on a weekly closing basis to push the market for further upside gains , If seen, it would have large bullish implication towards the 0.9650 levels where a breach is very likely , next possible target would be around the 1.0310 levels.
Alternatively, a failure to hold above 0.9317 levels on a weekly closing basis, could main a return to the 0.8847 levels, a breach would open 0.8720 ahead of 0.8560 levels.
Support and Resistance levels : 0.8560 , 0.8720 , 0.8847 , 0.9056 , 0.9214 ,0.9317 , 0.9555 , 0.9660
Trend Strength (daily chart):
Bullish : above: 0.9317
Neutral : below : 0.9317
Bearish : below 0.9056
Live Chart Of AUDUSD
Key data/events which may influence AUDUSD next week:
- AUD Monetary Policy Meeting Minutes, Tuesday 1:30 am
- US Existing Home Sales, Wednesday 2:00 pm
- US FOMC Meeting Minutes, Wednesday 6:00 pm
- US Unemployment Claims, Thursday 12:30 pm
- US New Home Sales, Friday 2:00 pm
All times are GMT
AUDUSD Daily Chart