AUDUSD Price May Break Up $0.71 Level to Expose $0.72 Level

Buyers’ momentum is increasing

AUDUSD Price Analysis – 01 February

The resistance level of $0.71 may be broken higher when buyers gain more traction, and the upward momentum may then carry AUDUSD to levels of $0.72 and $0.73. If sellers are able to hold the $0.71 resistance level, the price may drop to the $0.70, $0.68, and $0.66 support levels.

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

AUDUSD is on a bullish trend in the daily chart. Last week, the August high was tested at $0.71. The barrier at the mentioned level prevented further price increases. AUDUSD price pulled back and retested the support level of $0.70. The purchasers defended the support level of $0.70 and the price could not go lower. Today, it seems the buyers are gaining more momentum to drive the price higher.

The $0.71 level is currently under pressure from the price. Indicating that buyers’ momentum is gaining strength, the AUDUSD is currently trading above both the 9-period and the 21-period exponential moving averages. The period 14 signal lines for the Relative Strength Index are pointing upward at levels of 63. The resistance level of $0.71 may be broken higher when buyers gain more traction, and the upward momentum may then carry the price to levels of $0.72 and $0.73. If sellers are able to hold the $0.71 resistance level, the price may drop to the $0.70, $0.68, and $0.66 support levels.

AUDUSD medium-term Trend: Bullish

On the 4-hour chart, AUDUSD is bullish. Two weeks ago, the price retraced to test the support level of $0.68 when it was heading toward the resistance level of $0.71. The bulls tried to defend the $0.68 level. The price bounced up and soared to test the resistance level of $0.71. It pulled back last week to retest the $0.70 level. It is currently heading toward the previous high at $0.71 level.

AUDUSD is currently trading slightly 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 53 levels indicate a buy signal.

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