AUDUSD Price Breaks Up $0.745 Level, Targeting $0.755

Updated:

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.

Daily 34

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.

4hours 34

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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.