AUDUSD Price: Double Chart Pattern at $0.65 Support Level, Bullish Trend May Commence

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Buyers’ momentum may increase

AUDUSD Price Analysis – 03 May

When buyers are successful in holding the $0.66 support level, AUDUSD may rise above the $0.67, $0.68, and $0.69 resistance levels. The support level of $0.66 may be broken lower if sellers gain more traction, and the price may then drop as a result of the downward momentum to levels of $0.65 and $0.63.

AUD/USD Market

Key levels:

Resistance levels: $0.67, $0.68, $0.69

Support levels: $0.66, $0.65, $0.63

AUDUSD Long-term Trend: Bullish

AUDUSD is on a bullish movement in the daily chart. The formation of a double bottom chart pattern is noticed on a daily time frame. On March 7, the $0.65 level of support was tested. At the level before, a bullish engulfing candle pattern can be seen. This may indicate that market bulls are becoming agitated. Price increased past the solid $0.66 barrier. When it gets past the obstacle, it moves closer to the $0.67 resistance wall. The price may commence a bullish trend soon.

The currency pair is currently trying to cross the upside of the 9-period and 21-period exponential moving averages, indicating a bullish movement. When buyers are successful in holding the $0.66 support level, AUDUSD may rise above the $0.67, $0.68, and $0.69 resistance levels. The support level of $0.66 may be broken lower if sellers gain more traction, and the price may then drop as a result of the downward momentum to levels of $0.65 and $0.63.

AUDUSD medium-term Trend: Bullish

AUDUSD is bullish on the 4-hour chart. Prior to a few weeks ago, the price started to rise and challenged the $0.67 resistance level. The price was maintained by sellers at the aforementioned level and it declined toward the previous low of $0.65. Customers now stop vendors before they even approach the market. Last week, the price retested the previous low to form a double-bottom chart pattern. The buyers may dominate the market.

AUDUSD is trading slightly above the 9-period and 21-period exponential moving averages. Relative Strength Index period 14 points up at 53 levels, indicating a buy signal.

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