AUDUSD Price Is Heading Towards $0.70 Level

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Buyers’ momentum is increasing

AUDUSD Price Analysis – 14 December

When buyers maintain or gain more momentum, the resistance level of $0.70 may be tested, also, bullish momentum may extend to the $0.72 level. In case sellers oppose buyers at the $0.70 level, AUDUSD may decrease to the support levels at $0.68, $0.65, and $0.63.

AUD/USD Market

Key levels:

Resistance levels: $0.68, $0.70, $0.72

Support levels: $0.66, $0.65, $0.63

AUDUSD Long-term trend: Bullish

AUDUSD is bullish on the daily chart. The bullish chart pattern that formed last month made the price to soar to our predicted level. The resistance level of $0.68 was tested on 05 December. It pulled back and tested the support level of $0.66. The buyers resumed and the price increase to test the previous high of $0.68. At the moment, AUDUSD is breaking up the just-mentioned level. The price may continue increasing to test the resistance level of $0.70.

AUDUSD is trading above the 9-periods EMA and 21-periods EMA which indicates that buyers’ momentum is increasing. The Relative Strength Index period 14 is at 62 levels and the signal lines display a bullish direction. When buyers maintain or gain more momentum, the resistance level of $0.70 may be tested, also, bullish momentum may extend to the $0.72 level. In case sellers oppose buyers at the $0.70 level, the price may decrease to the support levels at $0.68, $0.65, and $0.63.

 AUDUSD medium-term Trend: Bullish

AUDUSD is bullish on the 4-hour chart. The price is still following the direction of a “W” chart pattern formed at the support level of $0.63. The bullish trend continues in the 4-hour chart. The bulls’ momentum pushed the price to break up the resistance level of $0.68 at the moment. The price is heading toward the $0.70 level.

AUDUSD is currently trading above the 9-periods EMA and 21-periods EMA, which indicates a strong bullish momentum. The Relative Strength Index period 14 is at 64 levels with the signal lines pointing up to indicate a buy signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.