Sellers may rule AUDUSD market this week
AUDUSD Price Analysis – 29 November
AUDUSD may drop to the $0.65, $0.64, and $0.63 support levels if sellers are successful in holding the $0.66 resistance level. The price may be forced to lean towards $0.67 and surge as high as $0.68 if buyers show more vigor and break through the resistance level at $0.66.
Key levels:
Resistance levels: $0.66, $0.67, $0.68
Support levels: $0.65, $0.64, $0.63
AUDUSD Long-term Trend: Bullish
With respect to the daily chart, AUDUSD is trending wildly. It moved between $0.64 and $0.63 before finding support at $0.62 on October 3. On November 3, there were strong bullish candles that drove the price up to $0.65, where it tested. The sellers’ objection prevented the purchasers from moving forward. The momentum gained by the buyers pushed the price higher to $0.66 resistance level. At the moment, sellers are driving the price closer to the $0.65 mark as a sign of price retracement.
A bullish market is suggested by the currency pair’s climb above the exponential moving averages with 9 and 21 periods. At 67, the period 14 signal lines of the Relative Strength Index are pointing upward. The price may drop to the $0.65, $0.64, and $0.63 support levels if sellers are successful in holding the $0.66 resistance level. The price may be forced to lean towards $0.67 and surge as high as $0.68 if buyers show more vigor and break through the resistance level at $0.66.
AUDUSD medium-term Trend: Bullish
There is an upward trend visible on the 4-hour AUDUSD chart. For almost three weeks, the movement of the currency pair has been constrained by the $0.65 resistance level and the $0.63 support level. The double bottom chart pattern was formed as the price twice challenged the targeted support level at $0.62. As it gains strength, the AUDUSD has tested the $0.66 barrier. Bears are trying to oppose bulls at $0.66 level.
There is a good chance that the current trend in the AUDUSD market will continue. Right now, the 21- and 9-period exponential moving averages are lower than the AUDUSD.
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