AUDUSD Price Heading Towards $0.68 Line 

Bulls’ pressure is increasing

AUDUSD Price Analysis – 24 December

If buyers are willing to pay more than the $0.67 hedge, the price may go up to around $0.68 or perhaps even $0.69. Prices could drop to the $0.65 and $0.64 support levels if sellers manage to push the market below the $0.66 support level.

Key levels:

Resistance levels: $0.67, $0.68, $0.69

Support levels: $0.66, $0.65, $0.64

AUDUSD Long-term Trend: Bullish

The AUDUSD pair has been gradually rising following a drop to the $0.64 level and a subsequent rebound. On September 12, a Head and Shoulder pattern emerged as the pair began to decline. The price then fell to $0.65 due to bearish pressure. Once the selling pressure started to wane, the price had already fallen back down to $0.64, where the bears maintained control. The AUDUSD pair has now returned to the $0.64 level. The $0.65 support level has been adjusted. The price tested the $0.65 level last week. The current market conditions are aligned with the bulls’ anticipation of a rapid rise towards $0.67.

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When the histogram of the blue QQE MOD indicator turns above zero, it signals a buy opportunity in forex. If buyers are willing to pay more than the $0.67 hedge, the price may go up to around $0.68 or perhaps even $0.69. Prices could drop to the $0.65 and $0.64 support levels if sellers manage to push the market below the $0.66 support level. If the currency pair moves above the Hull Suite forex signals index, the signal is considered bullish.

AUDUSD medium-term Trend: Bullish

The 4-hour chart of the Australian dollar shows an upward trend. The $0.67 hedge level controlled the movement of the currency pair for more than two days. The prices were between $0.67 and $0.66. This week, as the price started to rise above the dynamic hedge level, the bullish candles increased. The 4-hour candle that closed above $0.66 last week looked erratic. The uptrend may continue if the previous resistance is removed.

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In my opinion, the AUDUSD demand may continue to rise. Both the QQE MOD and the blue histogram indicate a clear upward trend and are above zero.

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