AUDUSD Price May Break Up $0.698 Resistance Level

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Azeez Mustapha

Updated: 13 October 2022

AUDUSD Price Analysis – July 27

When Bulls break up the resistance level of $0.698 level, price may incline towards the resistance level of $0.710, and $0.730. The closing of daily candle below $0.683 level by the bears may push the price to test the support levels of $0.674 and $0.600.

AUD/USD Market

Key levels:

Resistance levels: $0.698, $0.710, $0.730

Support levels: $0.683, $0.674, $0.600

AUDUSD Long-term trend: Bullish

AUDUSD is bullish on the daily chart. Last week market closed at the $0.683 level. Bulls’ pressure further increased and the price increases steadily towards the resistance level of $0.698. Bullish movement may continue when it break up $0.698 resistance level. It pulled back yesterday when the price tested the resistance level of $0.698. Further price increase envisaged.

AUDUSD price is trading above the 9 periods EMA and 21 periods EMA which indicate that bulls’ momentum is increasing. The relative strength index period 14 is at 55 levels and the signal lines pointing up displaying bullish direction. When Bulls break up the resistance level of $0.698 level, price may incline towards the resistance level of $0.710, and $0.730. The closing of daily candle below $0.683 level by the bears may push the price to test the support levels of $0.674 and $0.600.

AUDUSD medium-term Trend: Bullish

AUDUSD is bullish on the 4-hour chart. When the currency pair reached the support level of $0.683 last week. The bears’ momentum became weak and the bulls defended the level which make the price increase. The former resistance level of $0.683 is penetrated and the price is targeting the resistance level of $0.698.

AUDUSD is currently trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 57 levels with the signal lines pointing up to indicate a buy signal.

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