AUDUSD Price Analysis – June 01
Inability to break up the resistance level of $0.717 level may lead to price declination towards the support level of $0.698, $0.683 and $0.674. The closing of daily candle above $0.717 level by the bulls may push the price to test the resistance levels of $0.731 and $0.746.
AUD/USD Market
Key levels:
Resistance levels: $0.717, $0.731, $0.746
Support levels: $0.698, $0.683, $0.674
AUDUSD Long-term trend: Bullish
AUDUSD is bullish on the daily chart. The price commence bullish movement on May 14 at support level of $0.683 with the formation of bullish Marubozu candle pattern. More bullish candles were produced and the price increases accordingly. Another bullish engulfing candle emerged and price moves to test the resistance level of $0.717. The bulls are currently trying to push the price to penetrate the $0.717 resistance level.
The 9 periods EMA has crossed the 21 periods EMA upside and AUDUSD price is trading above the two EMAs which indicate that bulls’ momentum is increasing. The relative strength index period 14 is at 54 levels and the signal lines pointing up displaying bullish direction. Inability to break up the resistance level of $0.717 level may lead to price declination towards the support level of $0.698, $0.683 and $0.674. The closing of daily candle above $0.717 level by the bulls may push the price to test the resistance levels of $0.731 and $0.746.
AUDUSD medium-term Trend: Bullish
AUDUSD is bullish on the 4-hour chart. The bears’ momentum failed at the support level of $0.683 and the bulls took over the market with the formation of bullish engulfing candle. The bulls’ momentum increases and the price is trading above the dynamic resistance levels. Bulls are struggling to break up the $0.717 at the moment.
AUDUSD is currently trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 52 levels and the signal lines pointing up to indicate a buy signal.
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