AUDUSD Price May Commence a Bullish Trend

AUDUSD may bounce up at $0.653 level

AUDUSD Price Analysis – 24 January

AUDUSD may drop to the $0.654, $0.620, and $0.610 support levels if sellers can push the price below the $0.660 support level. Because of their fervor, buyers may drive the price toward $0.675 and possibly even $0.682 if they can break through the resistance level at $0.666.

Key levels:

Resistance levels: $0.666, $0.675, $0.682

Support levels: $0.660, $0.654, $0.620

AUDUSD Long-term Trend: Bearish

The daily chart indicates that the value of AUDUSD is declining. A strong bearish candle that formed on 04 January indicated the start of a bearish trend for the currency pair. The price decreased by $0.65 as a result of this. The selling gained enough momentum, allowing the price to break through $0.675 and $0.666. The price declined as purchasing interest fell. The support level of $0.653 is tested. On January 17, the price finally reached the $0.653 barrier level due to sellers’ demand. At the moment, the price is inclining trying to break up $0.660.

A bearish market is indicated by the currency pair’s decline below the Hull Suite indicator. When the QQE MOD indicator’s red histogram is below the zero level, a sell signal is indicated. AUDUSD may drop to the $0.654, $0.620, and $0.610 support levels if sellers can push the price below the $0.660 support level. Because of their fervor, buyers may drive price toward $0.675 and possibly even $0.682 if they can break through the resistance level at $0.666.

AUDUSD medium-term Trend: Bullish

The AUDUSD 4-hour chart is trending upward. For more than three weeks, the currency pair’s movement was constrained by the $0.654 support levels. The price ranged within $0.654 and $0.660 levels. A powerful bullish candle appeared today on the chart and the 4-hour candle closed above $0.660 signaling the commencement of an upward trend. As buyers held firm at the previously specified level, the price may begin to incline.

AUDUSD market will most likely keep rising. A bullish trend is shown by the blue histogram and the QQE MOD, both of which are above zero.

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