FX.co ★ Technical analysis of AUD/USD for March 07, 2022

The AUD/USD pair was trading around the area of 0.7314 - 0.7376 a week ago. Today, the level of 0.7314 represents a weekly pivot point in the H1 time frame. The AUD/USD pair dropped from the level of 0.7376 to bottom at 0.7314. Today, the AUD/USD pair has faced strong support at the level of 0.7300. So, the strong support has been already faced at the level of 0.7300 and the pair is likely to try to approach it in order to test it again and form a double bottom. Hence, the AUD/USD pair is continuing to trade in a bullish trend from the new support level of 0.7300; to form a bullish channel. According to the previous events, we expect the pair to move between 0.7300 and 0.7422. Also, it should be noted major resistance is seen at 0.7422, while immediate resistance is found at 0.7376. Then, we may anticipate potential testing of 0.7376 to take place soon. Moreover, if the pair succeeds in passing through the level of 0.7376, the market will indicate a bullish opportunity above the level of 0.7376. A breakout of that target will move the pair further upwards to 0.7422. Buy orders are recommended above the area of 0.7314 with the first target at the level of 0.7376; and continue towards 0.7422. On the other hand, if the AUD/USD pair fails to break out through the resistance level of 0.7376; the market will decline further to the level of 0.7269.