Buyers may dominate AUDUSD market this week
AUDUSD Price Analysis – 17 April
Buyers may be able to drive the price up to roughly $0.66 or possibly $0.67 if they are persistent enough to break through the $0.65 barrier. AUDUSD may drop to the $0.62 and $0.61 support levels if sellers are successful in pushing the price below the $0.63 support level.
Key levels:
Resistance levels: $0.65, $0.66, $0.67
Support levels: $0.63, $0.62, $0.61
AUDUSD Long-term Trend: Bearish
The value of the AUDUSD is reducing, according to the daily chart. A big bullish candle formed on March 06, indicating the start of a bullish trend for the currency pair. The bulls’ efforts resulted in a $0.66 gain in price. Sales began to fall, and the price from the starting amount specified was reduced to $0.63. AUDUSD breaks below the support level of $0.65. As it continues to decline, it is moving closer to $0.63. The way the market has moved both yesterday and today points to the return of the bulls.
The market is deemed bullish when the currency pair crosses the Hull Suite forex signals indicator. When the QQE MOD indicator’s red histogram is below the zero level, a sell forex signal is shown. Buyers may be able to drive the price up to roughly $0.66 or possibly $0.67 if they are persistent enough to break through the $0.65 barrier. The price may drop to the $0.62 and $0.61 support levels if sellers are successful in pushing the price below the $0.63 support level.
AUDUSD medium-term Trend: Bullish
The Australian dollar’s 4-hour chart shows an increasing trend. The $0.66 barrier level restrained the movement of the currency pair for over three weeks. Prices range from $0.66 to $0.65. After lighting more bullish candles, the price started to increase above the dynamic resistance level. On the chart, yesterday’s 4-hour candle, which closed at $0.64, represents a bullish candle. An inclination trend is generated if the level that was previously established is surpassed.
I believe there’s a possibility that AUDUSD market will rise even further. A positive trend can be seen in both the blue histogram and the QQE MOD, which is above zero.
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