AUDUSD Price Is Struggling to Break Up $0.71 Resistance Level

Updated:

AUDUSD Price Analysis – February 16

The bullish breakup of the $0.71 resistance levels will push the price to $0.73, further bullish pressure increase will increase the price to $0.74 levels. Below the current price level are support levels of $0.70, $0.69 and $0.68

AUD/USD Market

Key levels:

Resistance levels: $0.71, $0.73, $0.74

Support levels: $0.70, $0.69, $0.68

AUDUSD Long-term trend: Bullish

On the daily chart, AUDUSD is commencing a bullish movement. The formation of a double bottom chart pattern on the daily chart indicate the beginning of bullish trend. The bearish momentum made the price to found support first at $0.69 on 03 December. The currency pair pulled back and tested $0.73 level. Bears pushed the price down second time and tested the $0.69 level on January 28. The currency pair could not decrease further. A bullish engulfing candle formed and bullish movement is triggered.

AUDUSD price is currently trading above the 9 periods EMA and 21 periods EMA which indicate that bulls’ momentum is increasing. The relative strength index period 14 is at 52 levels and the signal lines pointing up displaying bullish direction. The bullish breakup of the $0.71 resistance levels will push the price to $0.73, further bullish pressure increase will increase the price to $0.74 levels. Below the current price level are support levels of $0.70, $0.69 and $0.68.

AUDUSD medium-term Trend: Bullish

On the 4-hour chart, AUDUSD is bullish. The bulls are trying to dominate the AUDUSD market. The bullish movement commenced at $0.70 level. The resistance level of $0.71 is already broken upside. There was a pullback yesterday. The bulls’ momentum is currently increasing towards $0.7 level.

AUDUSD is trading slightly above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 56 levels and the signal lines pointing up to indicate a buy signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.