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.

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.

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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