AUDUSD Price Bounces Up at $0.63 Level

Bearish movement could not continue

AUDUSD Price Analysis – 07 August

If buyers are determined enough to breach the $0.65 barrier, they might be able to bring the price up to about $0.66 or even $0.67. If sellers are successful in pushing the price below the $0.64 support level, prices can fall to the $0.63 and $0.62 support levels.

Key levels:

Resistance levels: $0.65, $0.66, $0.67

Support levels: $0.64, $0.63, $0.62

AUDUSD Long-term Trend: Bullish

The value of AUDUSD is going higher on the daily chart. A large bullish candle that appeared on August 5 signaled the beginning of a bullish trend for the currency pair. The bears’ efforts caused the price to decline by $0.63. When sales started to decline, the price was lowered from the first quoted amount to $0.62. The AUDUSD price crosses over the $0.66 support level. At the moment, the $0.64 barrier is being crossed. The bulls’ rally call from yesterday is supported by the state of the market right now.

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When the currency pair clears up the Hull Suite forex signals indicator, the market is considered bullish. A buy forex signal is displayed when the blue QQE MOD indicator histogram is above the zero level. If buyers are determined enough to breach the $0.65 barrier, they might be able to bring the price up to about $0.66 or even $0.67. If sellers are successful in pushing the price below the $0.64 support level, prices can fall to the $0.63 and $0.62 support levels.

AUDUSD medium-term Trend: Bullish

The 4-hour chart of the Australian dollar indicates an upward trend. For more than a week, the $0.63 barrier level limited the movement of the currency pair. The price range was $0.64 to $0.65. More bullish candles burned as the price began to rise above the dynamic barrier level. The 4-hour candle that closed at $0.65 yesterday appears positive on the chart. Should the prior threshold be surpassed, the upward trajectory might persist.

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The AUDUSD market may incline even further, in my opinion. Both the blue histogram and the QQE MOD, which are both above zero, show a positive trend.

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