AUDUSD Price May Continue Uptrend Movement
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AUDUSD Price May Continue Uptrend Movement

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Azeez Mustapha

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Sellers’ momentum is weak

AUDUSD Price Analysis – 05 June

Buyers may be able to drive the price up to roughly $0.68 or possibly $0.69 if they are persistent enough to break through the $0.67 barrier.  AUDUSD may drop to the $0.65 and $0.64 support levels if sellers are successful in pushing the price below the $0.67 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

On the daily chart, the AUDUSD value exhibits an inclination. A sizable bullish candle that emerged on March 6 indicated the start of a bullish trend for the currency pair. The bulls’ efforts resulted in a $0.66 gain in price. The price was reduced from the first quoted value to $0.62 when sales began to drop.  The support level of $0.64 is broken by the AUDUSD. It is continuing to decline and is getting very near to $0.62. The way the market has behaved today supports yesterday’s theory that the bulls will put on a rally.

AUDUSD Price May Continue Uptrend Movement

The market is regarded as bullish when the currency pair clears the Hull Suite forex signals indicator. When the QQE MOD indicator’s blue histogram is above the zero level, a buy forex signal is shown. Buyers may be able to drive the price up to roughly $0.68 or possibly $0.69 if they are persistent enough to break through the $0.67 barrier.  The price may drop to the $0.65 and $0.64 support levels if sellers are successful in pushing the price below the $0.67 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 currency pair’s movement for over three weeks. Prices range from $0.66 to $0.65. As the price started to rise over the dynamic barrier level, more bullish candles burned. On the chart, the 4-hour candle that closed at $0.65 yesterday looks healthy. An inclination trend appears when the prior level is exceeded.

AUDUSD Price May Continue Uptrend Movement

AUDUSD market might keep moving higher, in my opinion. A positive trend can be seen in both the blue histogram and the QQE MOD, which are both above zero.

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