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Bulls’ momentum is increasing in AUDUSD market
AUDUSD Price Analysis – 27 December
If buyers can hold the $0.67 support level, AUDUSD may rise to the resistance levels of $0.68, $0.69, and $0.70. If sellers become more fervent and break through the $0.67 support level, price may be forced to lean towards $0.66 and plunge lower as $0.65.
Key levels:
Resistance levels: $0.68, $0.69, $0.70
Support levels: $0.67, $0.66, $0.65
AUDUSD Long-term Trend: Bullish
On the daily chart, AUDUSD is trending higher. The currency pair found support on October 3 at $0.62 and moved between $0.64 and $0.63. On November 3, a strong bullish candle drove the price up to $0.65. The insufficient momentum of the selling allowed the buyers to move forward. With growing buying enthusiasm, the price broke past the $0.67 barrier level. Buyers are currently pushing the price closer to the resistance level of $0.68.
The currency pair’s incline above the exponential moving averages with periods of 9 and 21 indicates a positive market. At 72, the Relative Strength Index’s period 14 signal lines are trending upward. If buyers can hold the $0.67 support level, the price may rise to the resistance levels of $0.68, $0.69, and $0.70. If sellers become more fervent and break through the $0.67 support level, price may be forced to lean towards $0.66 and plunge lower as $0.65.
AUDUSD medium-term Trend: Bullish
The 4-hour AUDUSD chart is showing an upward trend. For almost three weeks, the $0.65 resistance and $0.63 support levels have limited the movement of the currency pair. The price challenged the expected support level at $0.65 twice, and each time a double bottom pattern appeared on the chart bullish trend is certain. AUDUSD crosses the $0.66 barrier and heads toward the $0.68 mark at the moment.
The AUDUSD market will probably continue to move in an upward direction. Right now, the 21- and 9-period exponential moving averages are below AUDUSD.
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