AUDUSD Price: Bulls Are Gathering Momentum to Break Up $0.717 Resistance Level

Updated:

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.

You can purchase Lucky Block here.  Buy LBlock:

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.