AUDUSD Price May Experience a Bullish Reversal at $0.731 Level

AUDUSD Price Analysis – April 20

Ability to break up the resistance level of $0.745 level may lead to price inclination towards the resistance level of $0.755, and $0.766. The breaking down of $0.731 level by the bears may push the price to test the support levels of $0.711 and $0.710.

AUD/USD Market

Key levels:

Resistance levels: $0.745, $0.755, $0.766

Support levels: $0.731, $0.717, $0.710

AUDUSD Long-term trend: Bearish

On the daily chart, AUDUSD is bearish. Bearish movement started on April 05 at the resistance level of $0.766 with the formation of inverted pin bar. Following the scenario is the formation of bearish candle and the price dropped towards the support level of $0.731 after penetrating the support level of $0.755 and $0.745 downside. Today, bulls dominate the market and the price is pulling back to retest the $0.745 level.

AUDUSD price is currently trading between the 9 periods EMA and 21 periods EMA which indicate that bears’ momentum is decreasing. The relative strength index period 14 is at 53 levels and the signal lines pointing up displaying bullish direction. Ability to break up the resistance level of $0.745 level may lead to price inclination towards the resistance level of $0.755, and $0.766. The breaking down of $0.731 level by the bears may push the price to test the support levels of $0.711 and $0.710.

AUDUSD medium-term Trend: Bullish

AUDUSD is bullish on the 4-hour chart. Formation of an inside bar candle pattern at the resistance level of $0.766 indicate a bearish reversal signal. The sellers’ pressure pushes the price to the support level of $0.731. The bears’ momentum is becoming weak and the price is inclining to retest the resistance level of $0.745. There is tendency for price to continue inclining.

AUDUSD is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 60 levels and the signal lines pointing up to indicate a buy signal.

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