AUDUSD Price: A Bullish Breakout at $0.68 Resistance Level Envisaged

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Buyers’ momentum may further increase

AUDUSD Price Analysis – 04 January

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 levels. 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. Bulls are pushing up AUDUSD with the aim of breaking up $0.68 level.

The AUDUSD is currently trading above and near the 9-period EMA and the 21-period EMA, which suggests that the momentum of both buyers and sellers is erratic. The signal lines on the Relative Strength Index period 14 are showing a bullish direction at 58 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 levels. 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: Ranging

On the 4-hour chart, AUDUSD is fluctuating. Weak positive momentum prevented the price from breaking through the $0.68 barrier level. Equally unsuccessful attempts were made by the bears to drive the pair below the $0.66 support level. Until there is a breakout, the AUDUSD is likely to trade between the $0.68 and $0.66 levels continuously.

Currently, AUDUSD is trading above the 9-period and 21-period exponential moving averages, which point to a market as bullish. With the signal lines going down to signify a sell signal. The Relative Strength Index period 14 is at 58 levels.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.