AUDUSD Price Breaks Up $0.64 Level, Further Increase Envisaged

Buyers’ momentum is increasing

AUDUSD Price Analysis – 30 February

If sellers are successful in holding the $0.65 resistance level, the price might drop to the $0.64, $0.63, and $0.62 support levels. The resistance level of $0.65 may be broken higher when buyers gain more traction, and the price may then rise as a result of the upward momentum to levels of $0.66 and $0.67.

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 is on a bearish movement in daily chart. The currency pair attempted to break over the $0.68 resistance level on June 16. On the aforementioned level, two experiments have been done. On July 13, there was a second exchange. AUDUSD bounced off the important resistance level that was highlighted before; it is still in place. A strong daily bearish candle crossed over the $0.66 support level to challenge the $0.63 level, forming a double-top chart pattern.

The currency pair is currently bouncing up at the support level of $0.63. The AUDUSD currency pair is currently trading between both 9-period and 21-period exponential moving averages, which indicates an upward trend. The period 14 signal lines for the Relative Strength Index are heading up at levels of 45. If sellers are successful in holding the $0.65 resistance level, the price might drop to the $0.64, $0.63, and $0.62 support levels. The resistance level of $0.65 may be broken higher when buyers gain more traction, and the price may then rise as a result of the upward momentum to levels of $0.66 and $0.67.

AUDUSD medium-term Trend: Bullish

AUDUSD is bullish on the 4-hour chart. On July 27, the price was compelled by the downtrend to test the $0.64 barrier level. It retreated and made an effort to maintain the support mentioned. AUDUSD low of $0.64 the next day as a result of intensified seller pressure. This scenario led to the formation of double double-bottom chart pattern. The price increased and broke up the $0.64 level. A further price increase is anticipated when additional bullish candles are formed, and a high of $0.66 may be attained.

A bullish market is currently being indicated by the price small overperformance of the 9-period and 21-period exponential moving averages. A buy signal is indicated by rising signal lines and the Relative Strength Index period 14 at 56 levels.

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