There has been some turbulence in the market regarding AudUSD (Australian Dollar US Dollar). Currently, it is being seen that there is a slightly upward graph which is reaching up to the critical resistance level. This movement can be of help to traders to find the bottom of the dollar pair. Professional traders are trying the watch and wait game and playing on the sidelines. The current key resistance level 0.7800 is what the benchmark is now. Now the wait is to see if AUDUSD will be able to surpass this level and if it manages, then surely there is going to be a momentum in favour of the dollar pair.
A brief Knowhow
At the same time, the colossal bunch that is seen on the weekly chart indicates that when it comes to going beyond the resistance level, the dollar pair will have face much difficultly. If the trend denotes a downward movement, then the resistance level will provide a limit. At the same time, if the down level is below the resistance level of 0.74000, then it will mean strong bearish.
Of course, as the Australian Dollar is going strong with the economic growth in the country, it is hoped that the breach will be downward trend. If the current scenario is to be detailed, then it can be described as bearish. This is technical analysis as well and it is indicated that it will remain so and at the same time, experts are of the opinion that there will be some breaching of the downtrend line. But at the same time, even if it happens, the price is expected to fall and the only way to prevent it is when the market triumphs over the high reached last year on 10th May. The level of 0.81600 is reportedly hard to reach and it means it will spiral down the AUDUSD pair spiralling down again.
There was some uncertainty last week after the RBA statement which landed the pair in Bulls market which helped it gain 77 cent. Still, it is not of much help as long as AAA credit situation of AUDUSD stands. With all the major developments happening, now the eyes are on central bank. At the end of the day, the traders will have to take it easy and not trade against the current trend. They should proceed only after taking into account the technical analysis audusd.