AUDUSD Price May Be Rejected at $0.63 Support Level

Bulls’ momentum may increase

AUDUSD Price Analysis – 13 September

If sellers are successful in holding the $0.64 resistance level, the price might drop to the $0.63, $0.62, and $0.61 support levels. The resistance level of $0.64 may be broken higher when buyers gain more traction, and the price may then rise as a result of the upward momentum to levels of $0.65 and $0.66.

AUD/USD Market

Key levels:

Resistance levels: $0.64, $0.65, $0.66

Support levels: $0.63, $0.62, $0.61

AUDUSD Long-term Trend: Bearish

AUDUSD is on a bearish movement in daily chart. The support level of $0.63 was tested twice by the currency pair. Bullish reversal envisaged. The currency pair attempted to break over the $0.68 resistance level on June 16. On the aforementioned level, two experiments have been done. On July 13, a second transaction took place. AUDUSD bounced off the previously mentioned strong barrier level. A double-top chart pattern was produced by a strong daily bearish candle that challenged the $0.63 level by crossing over the $0.66 support level.

The 9-period and 21-period exponential moving averages of the AUDUSD currency pair are now being traded below them. The period 14 signal lines of the Relative Strength Index are heading down at levels of 41. If sellers are successful in holding the $0.64 resistance level, the price might drop to the $0.63, $0.62, and $0.61 support levels. The resistance level of $0.64 may be broken higher when buyers gain more traction, and the price may then rise as a result of the upward momentum to levels of $0.65 and $0.66.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The price had to attempt the $0.64 barrier level on July 27 due to the negative trend. In an effort to maintain the specified support, it retreated. The price fell to a low of $0.63 the next day as a result of intensified seller pressure. This circumstance is giving rise to the double-bottom chart pattern. If more bullish candles appear, the price will probably increase much more, perhaps reaching its all-time high of $0.65.

The price minor outperformance of the 9-period and 21-period exponential moving averages at this time indicates a bullish market.

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