AUDUSD Price: Buyers Are Gathering Momentum to Dominate Market

Updated:

AUDUSD Price Analysis – August 24

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. 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.

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 47 levels and the signal lines pointing up displaying bullish direction which may be a pullback. 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. 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.

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 dynamic resistance levels which indicate that bulls’ momentum is increasing.

AUDUSD is currently trading above the 9 periods EMA and above 21 periods EMA. The relative strength index period 14 is at 51 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
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 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
  • 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.