AUDUSD Price: Bearish Trend May Continue Towards $0.64 Level

Sellers’ momentum may increase in AUDUSD market

AUDUSD Price Analysis – 13 December

If sellers can hold the $0.66 resistance level, AUDUSD may fall to the $0.65, $0.64, and $0.63 support levels. If buyers demonstrate greater enthusiasm and break through the resistance level at $0.66, the price may be forced to lean towards $0.67 and rise as high as $0.68.

Key levels:

Resistance levels: $0.66, $0.67, $0.68

Support levels: $0.65, $0.64, $0.63

AUDUSD Long-term Trend: Bearish

On the daily chart, AUDUSD is heading downward. On October 3, the currency pair found support at $0.62; after that, it moved between $0.64 and $0.63. On November 3, a strong bullish candle drove the price up to $0.65. The sellers’ objection prevented the purchasers from moving forward. The price surged to the $0.66 barrier level due to the increasing momentum of the buyers. Sellers are currently driving the price closer to the $0.64 barrier, which may indicate a market retracement.

The currency pair’s decline below the 9 and 21-period exponential moving averages points to a bearish market. The Relative Strength Index’s period 14 signal lines point lower at 53. If sellers can hold the $0.66 resistance level, the price may fall to the $0.65, $0.64, and $0.63 support levels. If buyers demonstrate greater enthusiasm and break through the resistance level at $0.66, the price may be forced to lean towards $0.67 and rise as high as $0.68.

AUDUSD medium-term Trend: Bearish

The 4-hour AUDUSD chart is showing a declining trend. For almost three weeks, the $0.65 resistance and $0.63 support levels have limited the movement of the currency pair. A double-top chart pattern was formed when the price challenged the planned resistance level twice, at $0.66. AUDUSD breaks through the $0.66 barrier and heads toward the $0.65 level as it weakens.

AUDUSD market is probably going to continue in a bearish direction. Right now, the 21- and 9-period exponential moving averages are interlocked with the AUDUSD.

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