Buyers’ momentum may further increase
AUDUSD Price Analysis – 28 December
The resistance level of $0.68 may be broken upward when buyers acquire more traction, and the positive momentum may continue to $0.70 and $0.72 level. AUDUSD may fall to the support levels of $0.66, $0.65, and $0.63 if sellers hold the $0.68 resistance level
AUD/USD Market
Key levels:
Resistance levels: $0.68, $0.70, $0.72
Support levels: $0.66, $0.65, $0.63
AUDUSD Long-term trend: Ranging
AUDUSD’s daily chart shows some range. Following the formation of a bullish chart pattern at the support level of $0.62, the price rose to the resistance level of $0.68. When the price rose to a high of $0.68 on December 1st, the bulls started to lose steam. It retested the $0.66 support level after pulling back. The price maintained its movement within the two previously indicated levels throughout the past week. In other words, the AUDUSD market is still moving in a range.
AUDUSD is currently trading above the 9-period EMA and the 21-period EMA, which suggests that the momentum of buyers is increasing. The signal lines on the Relative Strength Index period 14 are showing bullish at 57 levels. The resistance level of $0.68 may be broken upward when buyers acquire more traction, and the positive momentum may continue to $0.70 and $0.72 level. Price may fall to the support levels of $0.66, $0.65, and $0.63 if sellers hold the $0.68 resistance level.
AUDUSD medium-term Trend: Bullish
AUDUSD is bullish on the 4-hour chart. Last week, due to the lack of strong bullish momentum, the price was unable to overcome the $0.68 resistance level. The bears made similar attempts to drive the price below the $0.66 support level but were unsuccessful. The AUDUSD is currently trading between the $0.68 and $0.66 levels. It seems bulls are prevailing and could lead to a breakout at the $0.68 resistance level.
AUDUSD is currently trading above the 9- and 21-period exponential moving averages which indicate a bullish movement The signal lines on the Relative Strength Index period 14 are pointing up, indicating a buy signal, and the index is at 66 levels.
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