AUDUSD Price Is Targeting $0.68 Resistance Level

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Buyers’ momentum is increasing

AUDUSD Price Analysis – 16 November

When buyers gain more momentum, the resistance level of $0.68 may be broken upside and price may increase to the resistance level of $0.70, and $0.71. In case sellers oppose buyers at $0.68 level, AUDUSD may decrease to the support levels at $0.66, $0.65 and $0.63.

AUD/USD Market

Key levels:

Resistance levels: $0.68, $0.70, $0.71

Support levels: $0.66, $0.65, $0.63

AUDUSD Long-term trend: Bullish

AUDUSD is bullish on the daily chart. A bullish chart pattern formed on the daily time frame called short “W”. Buyers are dominating the market and the price is risen from the support level of $0.62 to the resistance level of $0.65 last week. The bulls increase their momentum and break up the resistance level just mentioned. The price is currently increasing towards the resistance level of $0.68.

AUDUSD is trading above the 9-periods EMA and 21-periods EMA at distance range which indicate that buyers’ momentum is increasing. The relative strength index period 14 is at 66 levels and the signal lines pointing upside displaying a bullish direction. When buyers gain more momentum, the resistance level of $0.68 may be broken upside and price may increase to the resistance level of $0.70, and $0.71. In case sellers oppose buyers at $0.68 level, price may decrease to the support levels at $0.66, $0.65 and $0.63.

AUDUSD medium-term Trend: Bullish

AUDUSD is bullish on the 4-hour chart. The price action has formed a “W” chart pattern. The bulls are taken over the market for the complete formation the chart pattern. The price is targeting the resistance level of $0.68.

AUDUSD is currently trading above the 9-periods EMA and 21-periods EMA, which indicate bullish momentum in AUDUSD market. The relative strength index period 14 is at 63 levels with the signal lines pointing down to indicate a sell signal which may be a pullback.

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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.