AUDUSD Price Is Pulling Back Towards $0.70 Resistance Level

 

Buyers’ momentum is increasing

AUDUSD Price Analysis – 09 February

AUDUSD may fall to the $0.68, $0.66, and $0.65 support levels if sellers are successful in holding the $0.70 resistance level. When buyers get additional momentum, the resistance level of $0.70 might be broken higher, and the upward momentum might then push the price to levels of $0.71 and $0.72.

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: Bearish

AUDUSD is on a bearish movement in daily chart. On February 02, the currency pair tested the resistance level of $0.71. This is the second time of testing the mentioned level. The first touch was on January 26. The significant resistance level mentioned holds and the price bounced off the level. Strong daily bearish candle formed, breaks down the $0.070 level to test the support level of $0.68 on 06 February.

The currency pair is pulling back at the moment before bearish movement continues. AUDUSD is currently trading below both the 9-period and the 21-period exponential moving averages indicating a bearish movement. The period 14 signal lines for the Relative Strength Index are pointing upward at levels of 50, which may be a pullback. The price may fall to the $0.68, $0.66, and $0.65 support levels if sellers are successful in holding the $0.70 resistance level. When buyers get additional momentum, the resistance level of $0.70 might be broken higher, and the upward momentum might then push the price to levels of $0.71 and $0.72.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The bullish momentum pushed the price to test the resistance level of $0.71 on 26 January. It pulled back and tested the support level of $0.70. The following day, more pressure from the buyers pushed the price to retest the previous high at $0.71 meaning that a double-top chart pattern formed.

AUDUSD declined and tested a support level of $0.68. Price currently trading slightly above both the 9-period and 21-period exponential moving averages, which indicates a bullish market that may be a pullback. Signal lines rising and the Relative Strength Index period 14 at 51 levels indicate a buy signal.

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