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.
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.
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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