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Bullish reversal envisaged in AUDUSD market
AUDUSD Price Analysis – 18 October
The price may rise to the $0.64, $0.66, and $0.67 resistance levels if buyers are successful in holding the $0.63 support level. If sellers gain more strength and break through the $0.63 support level below, the price may drop due to the downward momentum to levels of $0.62 and $0.61.
AUD/USD Market
Key levels:
Resistance levels: $0.64, $0.66, $0.67
Support levels: $0.63, $0.62, $0.61
AUDUSD Long-term Trend: Bullish
On the daily chart, AUDUSD is moving in a bullish direction. On October 3rd, it gained support at $0.62 after fluctuating between $0.64 and $0.63 levels. On October 4, it saw a reversal as a result of the creation of powerful bullish candles, which drove the price up to $0.64. The market is currently dominated by buyers, and the $0.64 level might be broken.
The currency pair is trading above the 9-period and 21-period exponential moving averages, indicating a bullish market. The Relative Strength Index’s period 14 signal lines are pointing upward at levels of 49. The price may rise to the $0.64, $0.66, and $0.67 resistance levels if buyers are successful in holding the $0.63 support level. If sellers gain more strength and break through the $0.63 support level below, the price may drop due to the downward momentum to levels of $0.62 and $0.61.
AUDUSD medium-term Trend: Bullish
The 4-hour AUDUSD chart is green. The $0.65 resistance level and $0.63 support level have been limiting the movement of the currency pair for more than three weeks. The price tested the desired support level two times may have resulted in the formation of a double bottom chart pattern at $0.62 level. There is a good chance that the AUDUSD will go higher and to the north as long as the $0.62 support level holds.
A bullish market is present since the AUDUSD is currently trading above both the 9-period and 21-period exponential moving averages.
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