AUDUSD Price May Be Rejected at $0.62 Support Level

Bulls may take over AUDUSD market

AUDUSD Price Analysis – 04 October

AUDUSD may rise to the $0.64, $0.65, and $0.66 resistance levels if buyers are successful in holding the $0.62 support level. If sellers acquire further momentum and push through the $0.62 support level below, the price may decline due to the downward momentum to levels of $0.61 and $0.60.

AUD/USD Market

Key levels:

Resistance levels: $0.63, $0.64, $0.66

Support levels: $0.62, $0.61, $0.60

AUDUSD Long-term Trend: Bearish

On the daily chart, AUDUSD is on a bearish movement. The currency pair has been ranging between $0.64 and $0.63 levels since August. The price has tested the $0.64 level three times, likewise the support level of $0.63. Yesterday, Sellers’ pressure increased and the support level of $0.63 was penetrated. The price is currently exposed to the support level of $0.62.

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A bearish market is present when the 9-period and 21-period exponential moving averages for the AUDUSD currency pair are trading below them. The period 14 signal lines for the Relative Strength Index are heading down at levels of 37. AUDUSD may rise to the $0.64, $0.65, and $0.66 resistance levels if buyers are successful in holding the $0.62 support level. If sellers acquire further momentum and push through the $0.62 support level below, the price may decline due to the downward momentum to levels of $0.61 and $0.60.

AUDUSD medium-term Trend: Bullish

The 4-hour AUDUSD chart is in the positive. The resistance level of $0.65 and the support level of $0.63 have restricted the movement of the currency pair for more than three weeks. The fact that the price challenged the designated support level three times suggests the formation of a triple bottom chart pattern. There is a good likelihood that the AUDUSD will move higher in the north as long as the $0.62 support level holds.

AUDUSD is trying to over performance of the 9-period and 21-period exponential moving averages at this time signals a bullish market.

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