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Overview :
The weekly pivot is seen at the level of 0.7396, so the trend is still moving above it since two weeks. The market is still in an uptrend. We still prefer the bullish scenario today (25th of March 2022).
The AUD/USD pair rose from the level of 0.7396 towards 0.7538 yesterday. Now, the current price is set at 0.7508. On the H1 chart, the resistance is seen at the levels of 0.7610 and 0.7610.
Besides, the weekly support 1 is seen at the level of 0.7396. Today, the AUD/USD pair is continuing to move in a bullish trend from the new support level of 0.7396, to form a bullish channel.
In consequence, the AUD/USD pair broke resistance, which turned strong support at the level of 0.7396 (pivot). Today, the level of 0.7396 is expected to act as major support.
The level of 0.7396 is expected to act as major support today. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish market. The price is still above the moving average (100) and (50). From this point, we expect the AUD/USD pair to continue moving in the bullish trend from the support level of 0.7396.
Hence, we expect the AUD/USD pair to continue moving in the bullish trend from the support level of 0.7396 towards the target level of 0.7610.
If the pair succeeds in passing through the level of 0.7610, the market will indicate the bullish opportunity above the level of 0.7610 in order to reach the second target at 0.7671.
In coming days, the pair will move upwards continuing the development of the bullish trend to the level 0.7671 in order to test the daily resistance 2.
On the other hand, if the AUD/USD pair fails to break through the resistance level of 0.7538 today, the market will decline further to 0.7396.
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