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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.
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 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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