AUDUSD Price Rebound at $0.68 Resistance Level

Sellers’ momentum is increasing in AUDUSD market

AUDUSD Price Analysis – 03 January

In case sellers hold the $0.67 resistance level, AUDUSD may fall to the support levels of $0.66, $0.65, and $0.64. If buyers become more fervent and break through the $0.67 resistance level, price may be forced to lean towards $0.68 and plunge higher as $0.69.

Key levels:

Resistance levels: $0.67, $0.68, $0.69

Support levels: $0.66, $0.65, $0.64

AUDUSD Long-term Trend: Bearish

The AUDUSD is going lower on the daily chart. On November 14, the currency pair commenced a bullish trend with the formation of a robust bullish candle. This propelled the price up to $0.65. The purchasers were able to proceed because the selling did not have enough momentum. The price broke beyond the $0.67 barrier as purchasing interest increased. Later, buyers brought the price to the $0.68 resistance level on 28 December. At the moment, the price is pulling back.

The currency pair is declining below the exponential moving averages with periods of 9 and 21 indicates a negative market. At 54, the Relative Strength Index’s period 14 signal lines are trending downward. If sellers can hold the $0.67 resistance level, the price may fall to the support levels of $0.66, $0.65, and $0.64. If buyers become more fervent and break through the $0.67 resistance level, price may be forced to lean towards $0.68 and plunge higher as $0.69.

AUDUSD medium-term Trend: Bearish

The 4-hour AUDUSD chart is showing a downward trend. The $0.65 support levels restricted the movement of the currency pair for nearly three weeks. Twice the price tested the anticipated support level at $0.65, and each time a double bottom pattern showed up on the chart, indicating a positive trend. AUDUSD broke through the $0.66 barrier and $0.68 level was tested. Sellers defended the just-mentioned level and the price started a declination.

AUDUSD market will probably continue to move in a downward direction. Right now, the 21- and 9-period exponential moving averages are above AUDUSD.

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