On the current chart for the AUDUSD currency pair, we see the development of a global upward trend within a large green channel.
SimpleFX AUDUSD Chart Analysis: April 28, 2022
We see that at the beginning of April, the price reached the upper green line. However, the bulls did not have enough strength to continue growing, and we saw a rapid drop in value within a small yellow channel. Recently, the price touched the lower green line.
Currently, the market is located near the lower green line. There is a possibility that the price will continue to fall, and soon the bears may break through the support level of 0.709. If this level is broken, the currency pair’s exchange rate may continue to move to the support level of 0.692, which is located on the lower yellow line.
Alternatively, a bullish trend is expected to develop. The first target for bulls is at the upper yellow line– the resistance level of 0.724. When this price level is broken, the price of quotations is expected to continue to rise towards the upper green line. The second target for bears is the resistance level of 0.760.
In case of a bearish trend, it is recommended to consider opening short positions. If a bullish trend is confirmed, then it is worth considering opening deals for purchases.