The AUDUSD has surged to the upside breaking previous resistance levels and it is meant to go up further. At the time of writing the price is 0.7212 but it could change soon as additional momentum kicks in. Iron ore is down, copper is down too but AUDUSD keep going up.
That all suggest that the target for AUDUSD could be 0.7290 zone. We can see that the price has broken through 0.7200 H4 camarilla PP and it could continue towards target zone without substantial retrace. If however pair retraces 2 POC points should reject the price. We have a confluence of Bullish order block (the high of a bearish candle prior to the move up/historical sellers now moment buyers), and H3 cam PP with consolidation prior to move up. The zone is 0.7150-60. The second POC comes in 0.7140-25 zone (Bullish order block, EMA89, Inner trend line) and we can also expect the price to bounce off IF it reaches the zone. Additionally we see a giant inverted head and shoulders with a fake out next to the left shoulder. The pair should go up and reach the target zone.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
Recommended Content
Editors’ Picks
AUD/USD failed just ahead of the 200-day SMA
Finally, AUD/USD managed to break above the 0.6500 barrier on Wednesday, extending the weekly recovery, although its advance faltered just ahead of the 0.6530 region, where the key 200-day SMA sits.
EUR/USD met some decent resistance above 1.0700
EUR/USD remained unable to gather extra upside traction and surpass the 1.0700 hurdle in a convincing fashion on Wednesday, instead giving away part of the weekly gains against the backdrop of a decent bounce in the Dollar.
Gold stays firm amid higher US yields as traders await US GDP data
Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data
The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.