Sellers are ruling AUDUSD market
AUDUSD Price Analysis – 06 December
AUDUSD may drop to the $0.64, $0.63, and $0.62 support levels if sellers are successful in holding the $0.65 resistance level. The price may be forced to lean towards $0.66 and surge as high as $0.67 if buyers show more vigor and break through the resistance level at $0.65
Key levels:
Resistance levels: $0.65, $0.66, $0.67
Support levels: $0.64, $0.63, $0.62
AUDUSD Long-term Trend: Bearish
AUDUSD is trending bearish on the daily chart. The currency pair established support at $0.62 on October 3, it fluctuated between $0.64 and $0.63. Strong bullish candles propelled the price up to $0.65 on November 3. The buyers were unable to proceed due to the sellers’ objections. The purchasers’ increased momentum caused the price to rise to the $0.66 barrier level. As a hint of a market retracement, sellers are currently pushing the price closer to the $0.64 barrier.
A bearish market is suggested by the currency pair declining below the exponential moving averages of 9 and 21 periods. At 52, the period 14 signal lines of the Relative Strength Index are pointing downward. The price may drop to the $0.64, $0.63, and $0.62 support levels if sellers are successful in holding the $0.65 resistance level. The price may be forced to lean towards $0.66 and surge as high as $0.67 if buyers show more vigor and break through the resistance level at $0.65.
AUDUSD medium-term Trend: Bearish
There is a downward trend visible on the 4-hour AUDUSD chart. The $0.65 resistance level and the $0.63 support level have restrained the movement of the currency pair for nearly three weeks. The price twice tested the targeted resistance level at $0.66, forming a double top chart pattern. As the AUDUSD weakens, it breaks down the $0.66 barrier, targeting $0.65 level.
AUDUSD market will likely stay in this present trend. The exponential moving averages with 21 and 9 periods are currently higher than the AUDUSD.
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