AUDUSD Price: Double Bottom Chart Pattern

Bullish reversal momentum envisaged in AUDUSD market

AUDUSD Price Analysis – 20 September

The price may rise to the $0.65, $0.66, and $0.67 resistance levels if buyers are successful in holding the $0.64 support level. When sellers get more momentum, the support level of $0.64 might be broken lower, and the price might then decrease as a result of the downward momentum to levels of $0.63 and $0.62

AUD/USD Market

Key levels:

Resistance levels: $0.65, $0.66, $0.67

Support levels: $0.64, $0.63, $0.62

AUDUSD Long-term Trend: Bullish

AUDUSD is on a bullish movement in daily chart. The currency pair tested the $0.63 support level twice. Expected to reverse bullishly. On August 17, the currency pair attempted to cross the $0.63 support level. Two tests have been conducted on the aforementioned level. A second transaction happened on September 07. Off of the previously indicated sturdy barrier level, the price returned. A strong daily bullish candle that crossed over the $0.64 resistance level and currently facing the $0.65 level resulted in a double bottom chart pattern.

AUDUSD currency pair’s 9-period and 21-period exponential moving averages are now trading above them. The Relative Strength Index’s period 14 signal lines are pointing upward at levels of 53. AUDUSD may rise to the $0.65, $0.66, and $0.67 resistance levels if buyers are successful in holding the $0.64 support level. When sellers get more momentum, the support level of $0.64 might be broken lower, and the price might then decrease as a result of the downward momentum to levels of $0.63 and $0.62.

AUDUSD medium-term Trend: Bullish

On the 4-hour chart, AUDUSD is bullish. Due to the downward trend, the price had to test the $0.63 barrier level on August 17. It backed off in an effort to keep the designated support. The following week, as a result of increased seller pressure, the price dropped to a low of $0.63.

The double bottom chart pattern is the result of this situation. The price is currently rising significantly as more bullish candles form, possibly reaching its all-time high of $0.65 and above.

The 9-period and 21-period exponential moving averages‘ little price outperformance at this point suggests a bullish market.

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