Sellers’ momentum may increase
AUDUSD Price Analysis – 24 May
AUDUSD may move above the $0.65, $0.66, and $0.67 resistance levels if buyers are successful in holding the $0.64 support level. If sellers acquire additional traction, the price might drop due to the downward momentum to levels of $0.63 and $0.62 if the $0.64 support level is breached, lower.
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: Bearish
AUDUSD in the daily chart shows a bearish movement. The price was under the control of bulls last two weeks. It tested the resistance level of $0.67. The just mentioned level has been tested three times. The first time was 03 April, and the second time was 14 April. The Triple Top chart pattern is formed at the $0.67 level. The price is currently under the seller’s control. The strong daily bearish candle formed and is currently breaking the $0.65 support level at the moment.
The currency pair is trading below the 9-period and 21-period exponential moving averages, which confirms a bearish trend. AUDUSD may move above the $0.65, $0.66, and $0.67 resistance levels if buyers are successful in holding the $0.64 support level. If sellers acquire additional traction, the price might drop due to the downward momentum to levels of $0.63 and $0.62 if the $0.64 support level is breached, lower.
AUDUSD medium-term Trend: Bearish
AUDUSD is bearish on the 4-hour chart. A couple of weeks ago, the price began to increase and make headway against the $0.67 resistance level. The price dropped to its prior low of $0.65 while being supported by sellers near the specified level. Vendors are now stopped by customers even before they enter the market. The price made another attempt to test the prior low last week, creating a double-top chart pattern. The market is dominated by the vendors and the support level of $0.65 is breached.
AUDUSD is trading below the 9-period and 21-period exponential moving averages. Relative Strength Index period 14 pointing down at 22 levels, indicating a sell signal.
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