AUDUSD Price Is Heading Towards $0.70 Resistance Level

Buyers’ momentum is increasing

AUDUSD Price Analysis – 11 January

When buyers acquire more traction, the resistance level of $0.70 may be broken upward, and the positive momentum may continue to the $0.71 and $0.72 levels. In case sellers hold the $0.70 resistance level, AUDUSD may fall to the support levels of $0.68, $0.66, and $0.65.

AUD/USD Market

Key levels:

Resistance levels: $0.70, $0.71, $0.72

Support levels: $0.68, $0.66, $0.65

AUDUSD Long-term Trend: Bullish

AUDUSD’s daily chart shows bullish signal. The price was on the ranging movement last week. The price increased to the resistance level of $0.68 following the development of a bullish chart pattern at the support level of $0.62. On 01 December, the bulls began to falter when the price reached a high of $0.68. After retreating, it tested the $0.66 support level once more. Bulls drove AUDUSD higher and the $0.68 level was broken upside. The price is currently facing $0.70 level.

AUDUSD is trading above the 9-period EMA and the 21-period EMA, which suggests that the momentum of buyers is increasing. The signal lines on the Relative Strength Index period 14 are showing a bullish direction at 60 levels. When buyers acquire more traction, the resistance level of $0.70 may be broken upward, and the positive momentum may continue to the $0.71 and $0.72 levels. If sellers hold the $0.70 resistance level, the Price may fall to the support levels of $0.68, $0.66, and $0.65.

AUDUSD medium-term Trend: Bullish

On the 4-hour chart, AUDUSD is bullish. The price was fluctuating within the resistance level of $0.66 and $0.68 levels last week. On 06 January, purchasers gained more momentum and the resistance level of %0.68 was penetrated. It pulled back yesterday and retested the broken level. The price is targeting the resistance level of $0.70.

 AUDUSD is trading above the 9-period and 21-period exponential moving averages, which point to a market as bullish. With the signal lines going up to signify a buy signal. The Relative Strength Index period 14 is at 57 levels.

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