AUDUSD Price May Break Up $0.70 Resistance Level

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Buyers’ momentum is increasing

AUDUSD Price Analysis – 18 January

In case sellers manage to hold the $0.70 resistance level, AUDUSD may drop to the $0.68, $0.66, and $0.65 support levels. The resistance level of $0.70 may be broken higher when buyers gain more momentum, and the upward momentum may then extend to levels of $0.71 and $0.72.

AUD/USD Market

Key levels:

Resistance levels: $0.70, $0.71, $0.72

Support levels: $0.68, $0.66, $0.65

AUDUSD Long-term Trend: Bullish

AUDUSD is on a bullish trend. The daily AUDUSD chart displays a positive indication. Last week, the price was moving in a range. Following the emergence of a bullish chart pattern called double bottom at the support level of $0.62, the price rose to the resistance level of $0.68. On December 1st, when the price hit a high of $0.68, the bulls started to lose steam. After pulling back, it again tested the $0.66 support level. Bulls propelled the AUDUSD higher, breaking the $0.68 mark upward. The price is now trying to break up the $0.70 level.

The fact that the AUDUSD is trading above both the 9-period and the 21-period EMAs shows that buyers’ momentum is gaining strength. The signal lines in period 14 of the Relative Strength Index are pointing upward at levels of 66. In case sellers manage to hold the $0.70 resistance level, the price may drop to the $0.68, $0.66, and $0.65 support levels. The resistance level of $0.70 may be broken higher when buyers gain more momentum, and the upward momentum may then extend to levels of $0.71 and $0.72.

AUDUSD medium-term Trend: Bullish

On the 4-hour chart, AUDUSD is bullish. Last two weeks, the price was erratic between the $0.66 and $0.68 resistance levels. On January 6, buyers picked up speed and broke through the resistance level of $0.68. It retested the damaged level last week after a pullback. The resistance level of $0.71 is what the buyers are targeting.

AUDUSD is trading above the 9-period and 21-period exponential moving averages at the moment, which points to the market as bullish. With the Relative Strength Index period 14 at 64 levels and signal lines going up to signify a buy signal.

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