AUDUSD Price Analysis – June 08
Ability to break up the resistance level of $0.717 level may lead to price inclination towards the resistance level of $0.746 and $0.755. The closing of daily candle below $0.717 level by the bears may push the price to test the support levels of $0.698 and $0.683.
AUD/USD Market
Key levels:
Resistance levels: $0.731, $0.746, $0.755
Support levels: $0.717, $0.698, $0.683
AUDUSD Long-term trend: Bullish
AUDUSD is bullish on the daily chart. The currency pair closed at the resistance level of $0.717 last week. The bulls’ momentum fails and the price consolidates for two days. Shortly after that, there was an increase in the bulls’ momentum which triggers the bullish movement towards the resistance level of $0.731. Further price increase envisaged.
The 9 periods EMA remains above the 21 periods EMA and AUDUSD price is trading above the two EMAs which indicate that bulls’ momentum is increases. The relative strength index period 14 is at 55 levels and the signal lines pointing down displaying bearish direction. Ability to break up the resistance level of $0.717 level may lead to price inclination towards the resistance level of $0.746 and $0.755. The closing of daily candle below $0.717 level by the bears may push the price to test the support levels of $0.698 and $0.683.
AUDUSD medium-term Trend: Ranging
AUDUSD is ranging on the 4-hour chart. The currency pair is range-bound within the support level of $0.717 and the resistance level of $0.731. When the bulls took over the market with the formation of bullish engulfing candle, the price increases to test the resistance level of $0.731. The momentum fails and ranging movement commenced.
AUDUSD is currently trading around the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 51 levels and the signal lines pointing up to indicate a buy signal.
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