AUDUSD Price Analysis – March 23
The bulls are targeting the resistance level of $0.755, the breakup of the mentioned resistance level will push the price to $0.763, and further bullish pressure will increase the price to $0.770 level. Downward movement of the price will face support levels at $0.745, $0.731 and $0.717.
AUD/USD Market
Key levels:
Resistance levels: $0.755, $0.763, $0.770
Support levels: $0.745, $0.731, $0.717
AUDUSD Long-term trend: Bullish
On the daily chart, AUDUSD is bullish. Last three weeks, the currency pair formed a double bottom chart pattern at the support level of $0.968. The price followed the direction of the bullish chart pattern formed. The bullish momentum in the daily chart has turned the former resistance levels of $0.731 and $0.745 to support levels. The price is currently targeting $0.755 level.
AUDUSD price is currently trading above the 9 periods EMA and 21 periods EMA which indicate that bulls’ momentum is increasing. The relative strength index period 14 is at 65 levels and the signal lines pointing up displaying bullish direction. The bulls are targeting the resistance level of $0.755, the breakup of the mentioned resistance level will push the price to $0.763, and further bullish pressure will increase the price to $0.770 level. Downward movement of the price will face support levels at $0.745, $0.731 and $0.717.
AUDUSD medium-term Trend: Bullish
On the 4-hour chart, AUDUSD is bullish. On March 15, the currency pair was under the sellers’ pressure and the price decreased and tested the support level of $0.717. The bears’ pressure failed and the buyers gained more pressure to push up the price. The former resistance level of $0.731 was penetrated and the price increased to break up $0.745 level.
AUDUSD has crossed above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 74 levels and the signal lines pointing up to indicate a buy signal.
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