Buyers’ momentum increases
AUDUSD Price Analysis – 07 June
The AUDUSD may move above the $0.67, $0.68, and $0.70 resistance levels if buyers are successful in holding the $0.66 support level. The price may drop further if sellers get more momentum, to 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, $0.70
Support levels: $0.66, $0.65, $0.64
AUDUSD Long-term Trend: Bullish
AUDUSD in the daily chart shows a bullish movement. The currency pair was under the control of sellers last week. The $0.64 support level was tested when bears were in control of the market. A strong pin bar formed at the just mentioned level and the price bounces upside. More daily bullish candles were produced and the price increased. The former resistance levels of $0.65 and $0.66 were penetrated upside and the price exposes to the resistance level of $0.67.
The currency pair’s trading above the 9-period and 21-period exponential moving averages indicates a bullish trend. The AUDUSD may move above the $0.67, $0.68, and $0.70 resistance levels if buyers are successful in holding the $0.66 support level. The price may drop further if sellers get more momentum, to 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. The price started to decline and move past the $0.67 support level a few weeks ago. The price went below its previous low of $0.65 and tested the $0.64 level while being supported by sellers close to the target level. Vendors were in charge of the market. Bulls support the previously mentioned level and the price rises above $0.66 in pursuit of $0.67.
AUDUSD is trading above the 9-period and 21-period exponential moving averages as a sign of a bullish market. Relative Strength Index period 14 points up at 73 levels, indicating a buy signal.
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