AUDUSD Price: Bullish Trend Commences at $0.65 Support Level

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Buyers’ momentum increases

AUDUSD Price Analysis – 11 May

AUDUSD may move above the $0.67, $0.68, and $0.69 resistance levels if buyers are successful in holding the $0.66 support level. If sellers get additional momentum, the support level of $0.66 might be broken lower, and the price might subsequently decrease as a result of the downward momentum to levels of $0.65 and $0.63

AUD/USD Market

Key levels:

Resistance levels: $0.67, $0.68, $0.69

Support levels: $0.66, $0.65, $0.63

AUDUSD Long-term Trend: Bullish

AUDUSD is on a bullish movement in the daily chart. On the daily time period, a double bottom chart pattern is developed. The $0.65 level of support was tested on March 7. A bullish engulfing candle pattern is visible at the previous level. This can be a sign of market bulls getting upset. The price rose beyond the reliable $0.66 barrier. The price has overcome the barrier, it advances toward the $0.67 resistance wall. A bullish momentum is struggling to break up the $0.67 level.

The currency pair is attempting to move upward and cross above the 9-period and 21-period exponential moving averages, which suggests a bullish advance. The AUDUSD may move above the $0.67, $0.68, and $0.69 resistance levels if buyers are successful in holding the $0.66 support level. If sellers get additional momentum, the support level of $0.66 might be broken lower, and the price might subsequently decrease as a result of the downward momentum to levels of $0.65 and $0.63.

AUDUSD medium-term Trend: Bullish

AUDUSD is bullish on the 4-hour chart. A couple of weeks ago, the price began to increase and contend with the $0.67 resistance level. The price fell toward the previous low of $0.65 while being supported by sellers near the aforementioned level. Vendors are now stopped by customers even before they enter the market. Price retested the prior low last week, creating a double-bottom chart pattern. The market is dominated by buyers.

AUDUSD is trading slightly above the 9-period and 21-period exponential moving averages. Relative Strength Index period 14 points up at 53 levels, indicating a buy signal.

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