AUDUSD Price: Bullish Trend May Commence at $0.62 Level

AUDUSD has broken up $0.63 level

AUDUSD Price Analysis – 25 October

In case sellers are able to maintain control of the $0.63 resistance level, the price could go down to the support levels of $0.62, $0.61, and $0.60. The price may incline because of the bullish momentum towards $0.63 and rise to levels of $0.64 and $0.66 if buyers gather more momentum and breach the $0.63 resistance level.

AUD/USD Market

Key levels:

Resistance levels: $0.63, $0.64, $0.66

Support levels: $0.62, $0.61, $0.60

AUDUSD Long-term Trend: Bearish

The AUDUSD is trending in a bearish manner on the daily chart. After bouncing between $0.64 and $0.63 levels, it found support at $0.62 on October 3. Strong bullish candles that were formed on October 4 caused a retracement and lifted the price to $0.64. Buyers could not continue due to opposition from the sellers. At the moment, buyers and sellers are struggling between $0.63 and $0.62 levels.

The currency pair is trading between the 9-period and 21-period exponential moving averages, indicating a bearish market. The Relative Strength Index’s period 14 signal lines are pointing upward at levels of 47. In case sellers are able to maintain control of the $0.63 resistance level, the price could go down to the support levels of $0.62, $0.61, and $0.60. AUDUSD may incline because of the bullish momentum towards $0.63 and rise to levels of $0.64 and $0.66 if buyers gather more momentum and breach the $0.63 resistance level.

AUDUSD medium-term Trend: Bullish

The AUDUSD 4-hour chart is in the green. For almost three weeks, the movement of the currency pair has been constrained by the $0.65 resistance level and the $0.63 support level. The double bottom chart pattern formed at the $0.62 level as a result of the price testing the intended support level twice. AUDUSD is moving higher and northward as $0.62 support level holds.

There is a considerable likelihood that the bullish trend will continue in AUDUSD market. AUDUSD is currently trading above both the 9-period and 21-period exponential moving averages.

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