AUDUSD Price May Experience a Bearish Reversal at $0.65 Resistance Level

Sellers are dominating AUDUSD market

AUDUSD Price Analysis – November 09

When sellers gain more momentum, the support level of $0.63 may be broken downside and price may decrease to the support level of $0.62, and $0.61. In case buyers push up price above the $0.65 level, AUDUSD may increase to the resistance levels at $0.66, and $0.68 levels.

AUD/USD Market

Key levels:

Resistance levels: $0.65, $0.66, $0.68

Support levels: $0.63, $0.62, $0.61

AUDUSD Long-term trend: Bullish

AUDUSD is bullish on the daily chart. Last week, Buyers dominates the market and the price rise from the support level of $0.62 to the resistance level of $0.65. The touch of the just mentioned level make it second touch. That is double top chart pattern noticed in the daily time frame. It seems the bulls’ pressure is getting weak and there is  possibility of bearish price reversal.

AUDUSD is trading above the 9 periods EMA and 21 periods EMA at close range which indicate that buyers’ momentum is decreasing. The relative strength index period 14 is at 52 levels and the signal lines pointing downside displaying a bearish direction. When sellers gain more momentum, the support level of $0.63 may be broken downside and price may decrease to the support level of $0.62, and $0.61. In case buyers push up price above the $0.65 level, price may increase to the resistance levels at $0.66, and $0.68 levels.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The price action has formed an “M” chart pattern. The bears are taken over the market for the complete formation the chart pattern. The price is targeting the support level of $0.63.

AUDUSD is currently trading below the 9 periods EMA and 21 periods EMA, which indicate bearish momentum in AUDUSD market. The relative strength index period 14 is at 47 levels with the signal lines pointing down to indicate a sell signal.

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