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Sellers’ momentum is increasing
AUDUSD Price Analysis – 16 February
In case sellers are able to hold the $0.64 resistance level, the price might drop to the $0.63, $0.62, and $0.61 support levels. The resistance level of $0.64 may be broken higher when buyers gain more traction, and the price may then rise to levels of $0.65 and $0.66 as a result of the upward momentum.
AUD/USD Market
Key levels:
Resistance levels: $0.64, $0.65, $0.66
Support levels: $0.63, $0.62, $0.61
AUDUSD Long-term Trend: Bearish
AUDUSD is on a bearish movement in the daily chart. The currency pair tested the $0.68 resistance level on 16 June. The aforementioned level has been tested twice. On 13 July, there was the second contact. The previously noted big resistance level is still in place, and the price bounced off it. The formation of a double top chart pattern with the strong daily bearish candle emerged, breaking through the $0.66 level to test the $0.64 support level.
The currency pair is trying to penetrate $0.63 level at the moment for the continuation of bearish movement. AUDUSD is currently trading below both the 9-period and the 21-period exponential moving averages indicating a bearish movement. The period 14 signal lines for the Relative Strength Index are pointing downward at levels of 32. In case sellers are able to hold the $0.64 resistance level, the price might drop to the $0.63, $0.62, and $0.61 support levels. The resistance level of $0.64 may be broken higher when buyers gain more traction, and the price may then rise to levels of $0.65 and $0.66 as a result of the upward momentum.
AUDUSD medium-term Trend: Bearish
AUDUSD is bearish on the 4-hour chart. On 14 July 26, the price was forced by the bullish momentum to challenge the $0.68 barrier level. It retreated and tried to hold at the $0.67 level of support. More sellers’ pressure the next day caused the price to fall to the low of $0.64. Further price decreases were envisaged as more bearish candles emerged.
AUDUSD declined and testing support level of $0.64. Price currently trading slightly below both the 9-period and 21-period exponential moving averages, which indicates a bearish market. Signal lines rising and the Relative Strength Index period 14 at 40 levels indicate a buy signal.
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