Buyers’ momentum may decrease in AUDUSD market
AUDUSD Price Analysis – 20 December
AUDUSD may increase to the $0.67, $0.68, and $0.69 resistance levels if buyers are successful in holding the $0.66 support level. AUDUSD may be forced to lean towards $0.65 and surge lower as $0.64 if sellers show more zeal and break through the support level at $0.66.
Key levels:
Resistance levels: $0.67, $0.68, $0.69
Support levels: $0.66, $0.65, $0.64
AUDUSD Long-term Trend: Bullish
The AUDUSD is moving upward on the daily chart. The currency pair fluctuated between $0.64 and $0.63 after finding support at $0.62 on October 3. A robust bullish candle on November 3 propelled the price up to $0.65. The buyers were able to proceed due to the weak sellers’ momentum. The price broke through the $0.66 barrier level as the buying enthusiasm grew. The price is currently being driven by buyers closer to the $0.67 resistance level.
A bullish market is indicated by the currency pair’s slide above the exponential moving averages with periods of 9 and 21. The period 14 signal lines of the Relative Strength Index are heading higher, at 69. The price may increase to the $0.67, $0.68, and $0.69 resistance levels if buyers are successful in holding the $0.66 support level. Price may be forced to lean towards $0.65 and surge lower as $0.64 if sellers show more zeal and break through the support level at $0.66.
AUDUSD medium-term Trend: Bullish
The AUDUSD 4-hour chart is trending upward. The $0.65 resistance and $0.63 support levels have restricted the movement of the currency pair for nearly three weeks. A double bottom pattern emerged on the chart when the price twice tested the anticipated support level at $0.65. As it weakens, the AUDUSD breaks through the $0.66 barrier and moves toward the $0.67 level.
AUDUSD market will most likely keep moving in a positive trend. AUDUSD is above the 9- and 21-period exponential moving averages at the moment.
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