Buyers’ momentum is increasing
AUDUSD Price Analysis – 12 April
AUDUSD may rise over the $0.67, $0.68, and $0.70 resistance levels if buyers are successful in holding the $0.66 support level. When sellers acquire more momentum, the support level of $0.66 may be broken lower, and the price may then fall due to the downward momentum to levels of $0.65 and $0.63
AUD/USD Market
Key levels:
Resistance levels: $0.67, $0.68, $0.70
Support levels: $0.66, $0.65, $0.63
AUDUSD Long-term Trend: Bullish
AUDUSD is on a bullish movement in the daily chart. The support level of $0.65 was tested on March 7. A bullish engulfing candle pattern is discernible at the previous level. This might be a sign of market bulls becoming impatient. The price rose past the $0.66 level of significant resistance. When it breaches the level, it rises toward the $0.67 resistance level. Today’s market is dominated by buyers, causing currency pairs to increase.
Indicating a positive trend, the currency pair is currently trading slightly above the 9-period and 21-period exponential moving averages. AUDUSD may rise over the $0.67, $0.68, and $0.70 resistance levels if buyers are successful in holding the $0.66 support level. When sellers acquire more momentum, the support level of $0.66 may be broken lower, and the price may then fall due to the downward momentum to levels of $0.65 and $0.63.
AUDUSD medium-term Trend: Bullish
AUDUSD is bullish on the 4-hour chart. Last week, the price commenced a bullish trend and the price reached a resistance level of $0.67 was tested. Sellers defended the mentioned level and it declined toward the previous low of $0.65. Today, buyers interrupt sellers before it reached the marl. The price is currently increasing.
AUDUSD is trading above the 9-period and 21-period exponential moving averages. Relative Strength Index period 14 points up at 55 levels, indicating a buy signal.
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