AUDUSD Price: Bullish Trend May continue After a Pullback

Updated:

AUDUSD Price Analysis – August 03

The closing of daily candle below $0.683 level by the bears may push the price to test the support levels of $0.674 and $0.600. Ability to break up the resistance level of $0.698 level may lead to price inclination towards the resistance level of $0.710, and $0.730.

AUD/USD Market

Key levels:

Resistance levels: $0.698, $0.710, $0.730

Support levels: $0.683, $0.674, $0.600

AUDUSD Long-term trend: Bullish

AUDUSD is bullish on the daily chart. The currency pair found support at $0.669 level. The bears were unable to break down the mentioned level. A bullish engulfing candle formed and bullish movement was triggered last week. Bullish movement continues when it broke up $0.683 resistance level. It tested the resistance level of $0.698 yesterday. The bears opposed the bullish movement at just mentioned level and price pulled back to retest dynamic support level.

AUDUSD price is trading between the 9 periods EMA and 21 periods EMA which indicate that bulls’ momentum is decreasing. The relative strength index period 14 is at 51 levels and the signal lines pointing up displaying bullish direction. The closing of daily candle below $0.683 level by the bears may push the price to test the support levels of $0.674 and $0.600. Ability to break up the resistance level of $0.698 level may lead to price inclination towards the resistance level of $0.710, and $0.730.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The currency pair could not increase beyond the resistance level of $0.698 last week. The bears’ momentum increased and the price decrease which may be a pullback. The former support level of $0.698 is penetrated and the price is targeting the support level of $0.683.

AUDUSD is currently trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 44 levels with the signal lines pointing down to indicate a sell which may be a pullback.

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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.