Technical Analysis of AUD/USD for April 29, 2020

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Overview:

The AUD/USD pair will continue to rise from the level of 0.6443.

The support is found at the level of 0.6443, which represents the 50% Fibonacci retracement level in the H1 time frame.

The price is likely to form a double bottom. Today, the major support is seen at 0.6443, while immediate resistance is seen at 0.6548.

Accordingly, the AUD/USD pair is showing signs of strength following a breakout of a high at 0.6443.

So, buy above the level of 0.6500 with the first target at 0.6548 in order to test the daily resistance 1 and move further to 0.6614.

Also, the level of 0.6614 is a good place to take profit because it will form second resistance.

Amid the previous events, the pair is still in an uptrend; for that we expect the AUD/USD pair to climb from 0.6443 to 0.6614 today.

At the same time, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.6443, a further decline to 0.6338 can occur, which would indicate a bearish market.

The material has been provided by InstaForex Company – www.instaforex.com