AUDUSD Price: Double Bottom Chart Pattern, Bullish Reversal Envisaged

Buyers’ Pressure is increasing

AUDUSD Price Analysis – 06 September

AUDUSD may fall to the $0.63, $0.62, and $0.61 support levels if sellers are successful in holding the $0.64 resistance level. When buyers get more momentum, the resistance level of $0.64 might be broken higher, and the price might then increase as a result of the upward momentum to levels of $0.65 and $0.66.

AUD/USD Market

Key levels:

Resistance levels: $0.64, $0.65, $0.66

Support levels: $0.63, $0.62, $0.61

AUDUSD Long-term Trend: Bearish

AUDUSD is on a bearish movement in daily chart. The currency pair is retesting the support level of $0.63 at the moment. On June 16, the currency pair attempted to cross the $0.68 resistance level. Two tests have been conducted on the aforementioned level. A second trade took place on July 13. The previously noted significant resistance level, which the price bounced off, is still in place. A powerful daily bearish candle that challenged the $0.63 level by crossing over the $0.66 support level created a double-top chart pattern.

AUDUSD currency pair is currently trading below the 9-period and 21-period exponential moving averages. The Relative Strength Index’s period 14 signal lines are pointing downward at levels of 38. AUDUSD may fall to the $0.63, $0.62, and $0.61 support levels if sellers are successful in holding the $0.64 resistance level. When buyers get more momentum, the resistance level of $0.64 might be broken higher, and the price might then increase as a result of the upward momentum to levels of $0.65 and $0.66.

AUDUSD medium-term Trend: Bullish

AUDUSD is bullish on the 4-hour chart. The downward trend forced the price to attempt the $0.64 barrier level on July 27. It pulled back while making an effort to keep the mentioned support. The following day, as a result of increased seller pressure, the price dropped to a low of $0.63. The double bottom chart pattern was created as a result of this situation. If further bullish candles form, the price will likely rise further, maybe reaching its high of $0.65.

A bullish market is currently being indicated by the price’s small overperformance of the 9-period and 21-period exponential moving averages. A buy signal is indicated by rising signal lines and the Relative Strength Index period 14 at 41 levels.

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