AUDUSD: Potential bullish movement up to 0.80 level.
We can see that 
AUDUSD tried to rally earlier this week but failed to break past the 0.78 resistance level. This is expected as 
XAUUSD continues to fall and 
DXY rises. However, both have reached their respective support and resistance levels.
The pair looks poised for a bullish movement up as the Biden administration continues work to push out the next stimulus package. A stimulus package will further weaken the US dollar and thus strengthen the pair. Right now, I believe a pullback is expected before the next test of the 0.78 resistance level happens. A break above the 0.78 resistance level will open up this pair to the 0.80 level, while a break below the 0.76 support level can potentially open the pair up to more bearish movement.
Looking for buying opportunities after the pullback and break above the 0.78 resistance level.
AUDUSD tried to rally earlier this week but failed to break past the 0.78 resistance level. This is expected as XAUUSD continues to fall and DXY rises. However, both have reached their respective support and resistance levels.The pair looks poised for a bullish movement up as the Biden administration continues work to push out the next stimulus package. A stimulus package will further weaken the US dollar and thus strengthen the pair. Right now, I believe a pullback is expected before the next test of the 0.78 resistance level happens. A break above the 0.78 resistance level will open up this pair to the 0.80 level, while a break below the 0.76 support level can potentially open the pair up to more bearish movement.
Looking for buying opportunities after the pullback and break above the 0.78 resistance level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.