AUDUSD Price Could Start a Bullish Trend

Azeez Mustapha

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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.

AUDUSD Price Could Start a Bullish Trend

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 Price Could Start a Bullish 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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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.

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