Buyers may dominate AUDUSD market soon
AUDUSD Price Analysis – 31 January
If sellers are successful in driving AUDUSD below the $0.660 support level, the price may fall to the $0.654, and $0.620, support levels. Buyers may push the price toward $0.675 and perhaps even $0.682 if they can overcome the resistance level at $0.666 due to their excitement.
Key levels:
Resistance levels: $0.666, $0.675, $0.682
Support levels: $0.660, $0.654, $0.620
AUDUSD Long-term Trend: Bearish
The daily chart shows that the AUDUSD is losing value. On January 4, a powerful bearish candle developed, signaling the beginning of a bearish trend for the currency pair. As a result, AUDUSD dropped by $0.65. The selling picked up sufficient steam to enable the price to breach $0.675 and $0.666. The $0.653 support level is put to the test. Due to seller demand, the price eventually broke beyond the $0.653 barrier on January 17. Right now, the price is ranging between $0.666 and $0.660 levels.
The currency pair’s slide below the Hull Suite indicator signify a bearish market. A sell signal is displayed when the red histogram of the QQE MOD indicator is below the zero level. If sellers are successful in driving the price below the $0.660 support level, the price may fall to the $0.654, and $0.620, support levels. Buyers may push the price toward $0.675 and perhaps even $0.682 if they can overcome the resistance level at $0.666 due to their excitement.
AUDUSD medium-term Trend: Ranging
The 4-hour AUDUSD chart shows a sideways trend. The $0.654 support levels limited the currency pair’s movement for over three weeks. The price is fluctuating between $0.654 and $0.660. Today’s chart showed a bullish candle, and the 4-hour candle is yet to end above $0.660. Breaking above the just-mentioned level will indicate the start of an upward trend.
AUDUSD market will probably continue to rise. The blue histogram and the QQE MOD, both of which are above zero, indicate a bullish trend.
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