AUDUSD Price Is Targeting $0.72 Level

AUDUSD Price Analysis – February 09

The breakup of the dynamic resistance levels will push the price to $0.72, further price increase at the resistance level of $0.72 will increase the price to $0.73 and $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: $0.72, $0.73, $0.74

Support levels: $0.70, $0.69, $0.68

AUDUSD Long-term trend: Bullish

On the daily chart, AUDUSD is on the bullish movement. The price action has formed a double bottom chart pattern on the daily chart. It found support at $0.69 on 28 January, this is the second time it tested the mentioned level. The currency pair could not decrease further. A bullish engulfing candle formed and bullish movement was triggered. The $0.72 price level was broken upside. The price is heading towards the resistance level of $0.72 at the moment.

AUDUSD price is currently trading above the 9 periods EMA trying to break up 21 periods EMA which indicate that bulls’ momentum is increasing. The relative strength index period 14 is at 50 levels and the signal lines pointing up displaying bullish direction. The breakup of the dynamic resistance levels will push the price to $0.72, further price increase at the resistance level of $0.72 will increase the price to $0.73 and $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 currency pair is currently under the control of the bulls as the price action formed a short “W” pattern. This pattern is a bullish type and the price may eventually have its resistance at $0.73 level. The bears’ pressure failed at $0.69 support level and the price reversed towards the resistance level of $0.72. The bulls’ pressure may break up the resistance level of $0.72.

AUDUSD is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is above 60 levels and the signal lines pointing up to indicate a buy signal.