Bulls are targeting $0.67 line
AUDUSD Price Analysis – 07 January
The price may increase to about $0.68 or possibly $0.69 if buyers are willing to pay more than the $0.67 hedging level. However, the market may return to the $0.65 and $0.64 support levels if sellers are able to drive the price below the $0.66 support level.
Key levels:
Resistance levels: $0.67, $0.68, $0.69
Support levels: $0.66, $0.65, $0.64
AUDUSD Long-term Trend: Bullish
After falling below $0.64 and then rising again, the AUDUSD pair has been gradually rising. An inverted Head and Shoulder pattern appeared on November 23, indicating the beginning of an inclination. Bullish pressure caused the price to flip to $0.66. The price rise to $0.65, where the bulls maintained control, as the selling pressure subsided. Now, the AUDUSD pair is back at $0.66. The support level of $0.65 has been modified. Last week, the price tested the $0.66 mark. The state of the market indicates that bulls anticipate a rapid increase to $0.67.
A possible forex buying opportunity is indicated when the blue QQE MOD indicator’s histogram rises above zero. The price may increase to about $0.68 or possibly $0.69 if buyers are willing to pay more than the $0.67 hedging level. However, the market may return to the $0.65 and $0.64 support levels if sellers are able to drive the price below the $0.66 support level. The signal is considered positive if the currency pair rises above the Hull Suite forex signals index.
AUDUSD medium-term Trend: Bullish
The Australian dollar is trending upward on the 4-hour chart. For over two days, the currency pair’s movement was governed by the $0.67 hedge level. The costs ranged from $0.67 to $0.66. The bullish candles grew this week as the price began to move above the dynamic hedge level. Last week, the 4-hour candle that closed above $0.66 seemed unstable. If the prior resistance is broken, the upswing might continue.
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