AUDUSD Price Is Rejected at $0.62 Support Level, Further Increase Envisaged

Bulls are in control of AUDUSD market

AUDUSD Price Analysis – 11 October

In case buyers are successful in holding the $0.63 support level, AUDUSD may increase to the $0.64, $0.66, and $0.67 resistance levels. The price may fall due to the downward momentum to levels of $0.62 and $0.61 if sellers get additional strength and push through the $0.63 support level below

AUD/USD Market

Key levels:

Resistance levels: $0.64, $0.66, $0.67

Support levels: $0.63, $0.62, $0.61

AUDUSD Long-term Trend: Bullish

AUDUSD is on a bullish movement on the daily chart. It found support at $0.62 on 03 October after a ranging movement within $0.64 and $0.63 levels. On October 4, it bounced up with the formation of strong bullish candles which propelled the price towards the $0.64 level. The buyers are currently dominating the market and it may break up the $0.64 level.

A bullish market is present as the currency pair is trading above the 9-period and 21-period exponential moving averages. The period 14 signal lines for the Relative Strength Index are heading up at levels of 50. If buyers are successful in holding the $0.63 support level, the price may increase to the $0.64, $0.66, and $0.67 resistance levels. The price may fall due to the downward momentum to levels of $0.62 and $0.61 if sellers get additional strength and push through the $0.63 support level below.

AUDUSD medium-term Trend: Bullish

The AUDUSD 4-hour chart is in the green. For more than three weeks, the movement of the currency pair has been constrained by the resistance level of $0.65 and the support level of $0.63. A triple bottom chart pattern may have formed as a result of the price testing the targeted support level three times. As long as the $0.62 support level holds, there is a strong possibility that the AUDUSD will go higher and to the north.

The fact that the AUDUSD is currently trading above the 9-period and 21-period exponential moving averages indicates a bullish market.

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