AUDUSD Price: Bulls Are Defending $0.63 Support Level

Azeez Mustapha

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Sellers’ momentum is decreasing

AUDUSD Price Analysis – 23 February

The price may fall to the $0.63, $0.62, and $0.61 support levels if sellers are successful in holding the $0.64 resistance level. When buyers get more momentum, the resistance level of $0.64 might be broken higher, and the price might then increase due to the upward momentum to levels of $0.65 and $0.66

AUD/USD Market

Key levels:

Resistance levels: $0.64, $0.65, $0.66

Support levels: $0.63, $0.62, $0.61

AUDUSD Long-term Trend: Bearish

AUDUSD is on a bearish movement in daily chart. On June 16, the currency pair tried to overcome the $0.68 resistance level. Two tests have been conducted on the aforementioned level. There was a second interaction on July 13. The price bounced off the previously mentioned significant resistance level, which is still in place. A strong daily bearish candle formed a double-top chart pattern by breaking through the $0.66 level to test the $0.63 support level.

The currency pair is currently attempting to break through $0.63 in order to maintain its bearish trend. The 9-period and 21-period exponential moving averages of the AUDUSD currency pair are currently trading below each other, which suggests a negative trend. The Relative Strength Index’s period 14 signal lines are pointing downward at levels of 31. The price may fall to the $0.63, $0.62, and $0.61 support levels if sellers are successful in holding the $0.64 resistance level. When buyers get more momentum, the resistance level of $0.64 might be broken higher, and the price might then increase due to the upward momentum to levels of $0.65 and $0.66.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The upward momentum on July 14 forced the price to test the $0.68 barrier level. It pulled back and made an effort to hold at the $0.67 support level. The price was under increased seller pressure the following day, reaching a low of $0.64. As more bearish candles appeared, a further price decline was anticipated and the low of $0.63 level was reached.

AUDUSD fell and tested support at $0.64. A bearish market is currently being indicated by the price small underperformance of the 9-period and 21-period exponential moving averages. A sell signal is indicated by fallen signal lines and the Relative Strength Index period 14 at 47 levels.

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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.

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