AUDUSD awaiting a breakout
AUDUSD Price Analysis – 01 November
The price may drop to the $0.62, $0.61, and $0.60 support levels if sellers are successful in holding the $0.63 resistance level. The bullish momentum may force the price to tilt towards $0.63 and increase if buyers gain additional momentum and overcome the $0.63 resistance level to levels of $0.64 and $0.66.
AUD/USD Market
Key levels:
Resistance levels: $0.63, $0.64, $0.66
Support levels: $0.62, $0.61, $0.60
AUDUSD Long-term Trend: Ranging
On the daily chart, AUDUSD is trending in a fluctuating fashion. It bounced between the $0.64 and $0.63 levels until finding support on October 3 at $0.62. October 4th saw the formation of strong bullish candles that pulled the price back and up to $0.64. The sellers’ objection prevented the buyers from moving forward. Between the $0.63 and $0.62 levels, buyers and sellers are now having difficulty.
A negative market is indicated by the currency pair’s trading between the 9- and 21-period exponential moving averages. At 47, the period 14 signal lines of the Relative Strength Index are pointing upward. AUDUSD may drop to the $0.62, $0.61, and $0.60 support levels if sellers are successful in holding the $0.63 resistance level. The bullish momentum may force the price to tilt towards $0.63 and increase if buyers gain additional momentum and overcome the $0.63 resistance level to levels of $0.64 and $0.66.
AUDUSD medium-term Trend: Ranging
AUDUSD 4-hour chart is in the ranging movement. 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 targeted support level twice, resulting in the formation of the double bottom chart pattern at the $0.62 level. As the $0.62 support level holds, the AUDUSD is rising and heading north, in the same way, the bull pressure could not push up price above $0.65 resistance level.
There is a good chance that the bullish trend in the AUDUSD market will hold. At the moment, the 21-period and 9-period exponential moving averages are both being crossed by the AUDUSD.
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