AUDUSD Price: Bulls Are Gathering Momentum to Dominate Market

AUDUSD Price Analysis – May 11

The closing of daily candle above $0.698 level by the bulls may push the price to test the resistance levels of $0.710 and $0.717. Ability to break down the support level of $0.683 level may lead to price declination towards the support level of $0.674, and $0.600.

AUD/USD Market

Key levels:

Resistance levels: $0.698, $0.710, $0.717

Support levels: $0.683, $0.674, $0.600

 

AUDUSD Long-term trend: Bearish

AUDUSD is bearish on the daily chart. Bearish movement continues in the AUDUSD market. Increasing in the Bears’ pressure led to the decreases in price. It penetrated the support levels of $0.698 and $0.710 downside.  The price is exposes to the support level of $0.683 at the moment. The currency pair is targeting the support level at $0.683.

AUDUSD price retain its trading below the 9 periods EMA and 21 periods EMA which indicate that bears’ momentum is increasing. The relative strength index period 14 is at 35 levels and the signal lines pointing up displaying bullish direction. The closing of daily candle above $0.698 level by the bulls may push the price to test the resistance levels of $0.710 and $0.717. Ability to break down the support level of $0.683 level may lead to price declination towards the support level of $0.674, and $0.600.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The bears has pushed the price to the support level of $0.683 zone. It seems the bears’ momentum is becoming weak as the price is consolidating around the dynamic resistance. Bulls are struggling to break up the $0.968 level which indicate that bulls’ momentum is increasing.

AUDUSD is currently trading above the 9 periods EMA but below 21 periods EMA. The relative strength index period 14 is at 41 levels and the signal lines pointing up to indicate a buy signal.

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