AUDUSD Price Is Preparing for Growth

Buyers may take over AUDUSD market soon

AUDUSD Price Analysis – 07 February

AUDUSD may drop to the $0.634 and $0.627 support levels if sellers are successful in pushing the price below the $0.645 support level. Excited buyers might drive the price up near $0.660 and possibly even $0.666 if they can break through the $0.654 barrier level.

Key levels:

Resistance levels: $0.654, $0.660, $0.666

Support levels: $0.645, $0.634, $0.627

AUDUSD Long-term Trend: Bearish

AUDUSD is depreciating, as it can be seen in the daily chart. A strong bearish candle that formed on January 4 indicated the start of a bearish trend for the currency pair. AUDUSD decreased by $0.634 as a result. The price declined towards $0.666 and $0.660 because the selling gained enough momentum. It tested the support level at $0.654. On January 17, the price finally broke below the $0.654 mark as a result of seller demand. The price is currently pulling back to retest $0.654 level.

A bearish market is indicated when the currency pair drops below the Hull Suite indicator. When the QQE MOD indicator’s red histogram is below the zero level, a sell signal is shown. The price may drop to the $0.634 and $0.627 support levels if sellers are successful in pushing the price below the $0.645 support level. Excited buyers might drive the price up near $0.660 and possibly even $0.666 if they can break through the $0.654 barrier level according to best forex signals.

AUDUSD medium-term Trend: Bullish

The 4-hour chart of the Australian dollar is trending upside. For more than three weeks, the currency pair’s movement was constrained by the $0.654 support levels. The range of the price is $0.654 to $0.660. A bullish candle was seen on the chart today, and the 4-hour candle has not yet ended above $0.654. A break above the level that was just indicated will signal the beginning of an upward trend.

AUDUSD market is likely to keep rising. A bullish trend is shown by the blue histogram and the QQE MOD, both of which are above zero.

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