AUDUSD Price May Bounce Off $0.71 Resistance Level

Buyers’ momentum is decreasing in AUDUSD market

AUDUSD Price Analysis – 25 January

AUDUSD may fall to the $0.70, $0.68, and $0.66 support levels if sellers are successful in holding the $0.71 resistance level. When buyers get more momentum, the resistance level of $0.71 may be broken higher, and the upward momentum may then continue to levels of $0.72 and $0.73.

AUD/USD Market

Key levels:

Resistance levels: $0.71, $0.72, $0.73

Support levels: $0.70, $0.68, $0.66

AUDUSD Long-term Trend: Bullish

The AUDUSD is moving upward. The daily AUDUSD chart shows a promising signal. The price was fluctuating within a range last week. The price increased to the resistance level of $0.70 after the double-bottom bullish chart pattern appeared at the $0.62 support level. The bulls began to wane on December 1st when the price reached a high of $0.70. After reversing the course, it tested the $0.68 support level once more. Bullish forces drove the AUDUSD higher, pushing through the $0.70 level and it is heading toward $0.71 level.

The price is currently putting pressure on the $0.71 level. The AUDUSD is currently trading above both the 9-period and the 21-period exponential moving averages, which indicates that buyers’ momentum is accelerating. The Relative Strength Index’s period 14 signal lines are pointing higher at levels of 67. The price may fall to the $0.70, $0.68, and $0.66 support levels if sellers are successful in holding the $0.71 resistance level. When buyers get more momentum, the resistance level of $0.71 may be broken higher, and the upward momentum may then continue to levels of $0.72 and $0.73.

AUDUSD medium-term Trend: Bullish

On the 4-hour chart, AUDUSD is bullish. The price fluctuated throughout the previous three weeks between the $0.66 and $0.68 levels. On January 6, buyers accelerated and passed past the $0.68 resistance level. It saw a pullback last week and then retested the damaged level.

The $0.71 resistance level is the target for the buyers. AUDUSD is currently trading above both the 9-period and 21-period exponential moving averages, which indicates a bullish market. Signal lines rising and the Relative Strength Index period 14 at 64 levels indicate a buy signal.

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