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28 Jul 2020

AUD/USD Price Analysis: Eyes fresh monthly high after Monday's bullish marubozu

  • AUD/USD trades in the green above 0.7160 at press time. 
  • The pair charted a bullish marubozu candle on Monday, reinforcing uptrend.

AUD/USD is currently trading at 0.7164, representing a 0.20% gain on the day, having hit a session high of 0.7177 a few minutes before press time. 

The pair carved out a bullish marubozu candle on Monday. A bullish marubozu candle comprises a prominent body and little or no wicks and occurs when the bulls control the price action throughout the 24-hour period. As such, it is considered a strong bullish signal. 

Monday's bullish marubozu also validated dip demand 0.7064 suggested by the long lower wick attached to Friday's candle. 

As such, the pair looks set to print a new monthly high above the July 22 high of 0.7183. The immediate resistance is seen at 0.7206 (April 2019 high). 

On the lower side, Friday's low of 0.7064 is the level to beat for the sellers. 

Daily chart

Trend: Bullish

Technical levels

 

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