AUDUSD Price Is Increasing and May Break Up $0.67 Resistance Level

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Buyers’ momentum is increasing

AUDUSD Price Analysis – 05 April

In case buyers are successful in holding the $0.66 support level, AUDUSD may incline above the $0.67, $0.68, and $0.70 resistance levels. The support level of $0.66 may be broken lower when sellers gain more traction, and the price may then decline as a result of the downward momentum to levels of $0.65 and $0.63.

AUD/USD Market

Key levels:

Resistance levels: $0.67, $0.68, $0.70

Support levels: $0.66, $0.65, $0.63

AUDUSD Long-term Trend: Bullish

AUDUSD is on a bullish movement in daily chart. On 07 March, the support level 0f $0.65 was tested. At the same level as before, a bullish engulfing candle pattern is visible. This might indicate that market bulls are getting agitated. Price increased past the strong resistance level of $0.66. After breaking above the level, it increases towards the resistance level of $0.67. The Crypto pulls back today as the sellers dominate the market.

At the moment, the currency pair is trading above the 9-period and 21-period exponential moving averages, pointing to a bullish trend. In case buyers are successful in holding the $0.66 support level, AUDUSD may incline above the $0.67, $0.68, and $0.70 resistance levels. The support level of $0.66 may be broken lower when sellers gain more traction, and the price may then decline as a result of the downward momentum to levels of $0.65 and $0.63.

AUDUSD medium-term Trend: Bullish

AUDUSD is bullish on the 4-hour chart. The price has been moving strongly downward, therefore on 07 March it was necessary to try to bounce up at $0.65 barrier level. It increased in an effort to maintain the $0.65 support level. The price tested the previous high at $0.67 the next day due to increased buyer pressure

AUDUSD is trading around the 9-period and 21-period exponential moving averages. Relative Strength Index period 14 pointing up at 49 levels indicating a buy signal.

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