Probability of holding bullish trend is high
AUDUSD Price Analysis – 22 November
If sellers are able to hold the $0.65 resistance level, the price may fall to the $0.64, $0.63, and $0.62 support levels. If buyers demonstrate greater strength and break through the resistance level at $0.65, the price might be forced to lean towards $0.66 and rise to heights of $0.67.
Key levels:
Resistance levels: $0.65, $0.66, $0.67
Support levels: $0.64, $0.63, $0.62
AUDUSD Long-term Trend: Bullish
AUDUSD is trending erratically on the daily chart. Before establishing support at $0.62 on October 3, it fluctuated between $0.64 and $0.63. Strong bullish candles on November 3 sent the price up to $0.65, where it tested. The buyers were unable to proceed due to the sellers’ objection. Currently, buyers are struggling to break past the $0.65 barrier, while sellers are pushing the price closer to the $0.64 level.
The currency pair’s movement above the 9- and 21-period exponential moving averages suggests a bullish market. The Relative Strength Index’s period 14 signal lines are pointing upward at 62. If sellers are able to hold the $0.65 resistance level, the price may fall to the $0.64, $0.63, and $0.62 support levels. If buyers demonstrate greater strength and break through the resistance level at $0.65, the price might be forced to lean towards $0.66 and rise to heights of $0.67.
AUDUSD medium-term Trend: Bullish
The AUDUSD 4-hour chart is trending upward. For almost three weeks, the movement of the currency pair has been constrained by the $0.65 resistance level and the $0.63 support level. At the $0.62 level, the price twice challenged the targeted support level, creating the double bottom chart pattern. The AUDUSD is strengthening and approaching the $0.65 barrier level. Bulls are putting pressure on bears, and the price is rising near the $0.65 level.
The likelihood of the bullish trend in the AUDUSD market holding is high. The exponential moving averages with 21 and 9 periods are currently below the AUDUSD.
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