AUDUSD is inclining
AUDUSD Price Analysis – 15 November
At 60, the period 14 signal lines of the Relative Strength Index are pointing upward. 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 compelled to lean towards $0.66 and surge to levels of $0.67 if buyers show more power and break past the resistance level at $0.65
AUD/USD Market
Key levels:
Resistance levels: $0.65, $0.66, $0.67
Support levels: $0.64, $0.63, $0.62
AUDUSD Long-term Trend: Bullish
On the daily chart, the AUDUSD is trending in an unpredictable way. It moved between $0.64 and $0.63 before finding support at $0.62 on October 3. On November 3, there were strong bullish candles that caused the price to test and rise to $0.65. The sellers’ objection prevented the purchasers from moving forward. At the moment, sellers are driving the price closer to the $0.64 level while buyers are finding it tough to break through the $0.65 level.
A bullish market is suggested by the currency pair’s trading above the 9- and 21-period exponential moving averages. At 60, the period 14 signal lines of the Relative Strength Index are pointing upward. 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 compelled to lean towards $0.66 and surge to levels of $0.67 if buyers show more power and break past the resistance level at $0.65.
AUDUSD medium-term Trend: Bullish
The 4-hour AUDUSD chart is bullish. The $0.65 resistance level and the $0.63 support level have restricted the currency pair’s movement for nearly three weeks. The price tested the intended support level twice, forming the double bottom chart pattern at the $0.62 level. With further vigor, the AUDUSD is moving up to the $0.65 resistance level. Bears are under pressure from the bulls, and the price rises towards the $0.65 mark.
There is a strong chance that the bullish trend in the AUDUSD market will continue. Right now, the 21- and 9-period exponential moving averages are both below the AUDUSD.
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