AUDUSD Price Is Targeting $0.717 Resistance Level

AUDUSD Price Analysis – May 25

Ability to break up the resistance level of $0.710 level may lead to price inclination towards the resistance level of $0.717, and $0.731. The closing of daily candle below $0.698 level by the bears may push the price to test the support levels of $0.683 and $0.674.

AUD/USD Market

Key levels:

Resistance levels: $0.710, $0.717, $0.731

Support levels: $0.698, $0.683, $0.674

AUDUSD Long-term trend: Bullish

AUDUSD is bullish on the daily chart. The price bounced up at the support level of $0.68 with the formation of bullish Marubozu candle pattern. The price increases and penetrates $0.70 level upside. Another bullish engulfing candle emerged and price moves toward the resistance level of $0.710. The bulls are currently pushing the price to penetrate the just mentioned resistance level. Further price increase envisaged.

AUDUSD price is trading above the 21 periods EMA and 9 periods EMA. The latter is trying to cross the former which indicate that bulls’ momentum is increasing. The relative strength index period 14 is at 49 levels and the signal lines pointing up displaying bullish direction. Ability to break up the resistance level of $0.710 level may lead to price inclination towards the resistance level of $0.717, and $0.731. The closing of daily candle below $0.698 level by the bears may push the price to test the support levels of $0.683 and $0.674.

AUDUSD medium-term Trend: Bullish

AUDUSD is bullish on the 4-hour chart. The bears pushed the price to the low of $0.68. The bears’ momentum failed at the mentioned level and the bulls took over the market. The bulls’ momentum is increasing as the price is trading above the dynamic resistance levels. Bulls are struggling to break up the $0.710 level which indicate that bulls’ momentum is increasing.

AUDUSD is currently trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 59 levels and the signal lines pointing up to indicate a buy signal.

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