Bulls’ momentum increase
AUDUSD Price Analysis – 12 July
In case buyers are successful in holding the $0.66 support level, the AUDUSD may break above the resistance levels of $0.67, $0.68, and $0.69. If sellers pick up more steam, the price might decrease substantially more, possibly hitting levels of $0.65 and $0.64 or even lower if the $0.66 support level is broken.
AUD/USD Market
Key levels:
Resistance levels: $0.67, $0.68, $0.69
Support levels: $0.66, $0.65, $0.64
AUDUSD Long-term Trend: Bullish
On the daily chart, the AUDUSD is moving upward. Due to the enthusiasm of investors, the price increased to a high of $0.68 on June 15. The bulls’ strength was exhausted the next day, as an evening star candle pattern appeared at the same level. Sellers took control of the AUDUSD market as a result of a powerful daily bearish candle. After the $0.67 support level was broken, the $0.66 level was put to the test. There is a price correction last week, buyers are currently entering the market again.
A positive trend is plainly discernible when the currency pair trades above the 9-period and 21-period exponential moving averages. In case buyers are successful in holding the $0.66 support level, the AUDUSD may break above the resistance levels of $0.67, $0.68, and $0.69. If sellers pick up more steam, the price might decrease substantially more, possibly hitting levels of $0.65 and $0.64 or even lower if the $0.66 support level is broken.
AUDUSD medium-term Trend: Bullish
AUDUSD is bullish on the 4-hour chart. A few weeks ago, the price began to fall and move past the $0.67 support level. While being supported by sellers at the target level, the price dipped below its prior low of $0.65 and tested the $0.64 level. The bearish trend was opposed by the bulls at the just-mentioned level. Buyers are currently in control of the market aiming at $0.67 resistance level.
As a sign of a bullish market, AUDUSD is currently trading above the 9-period and 21-period exponential moving averages. A buy signal is being given by the relative strength index period 14 going upward at 60 levels.
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