AUDUSD Price May Increase as Double Bottom Chart Pattern Emerges

Updated:

AUDUSD Price Analysis – March 02

The bullish breakup of the $0.731 resistance level will push the price to $0.745, further bullish pressure increase will increase the price to $0.755 level. Below the current price level are support levels of $0.717, $0.710 and $0.698.

AUD/USD Market

Key levels:

Resistance levels: $0.731, $0.745, $0.755

Support levels: $0.717, $0.710, $0.698

AUDUSD Long-term trend: Bullish

On the daily chart, AUDUSD is bullish. The price action has formed a double bottom chart pattern on the daily chart. The currency pair firstly tested the support level of $0.710 on December 03. It pulled back to test the resistance level of $0.731, the just mentioned level holds and the bears pushed down the price to retest the previous low at $0.710 on January 28. The bulls are currently in charge of AUDUSD market.

Daily.png 6

AUDUSD price is currently trading above the 9 periods EMA and 21 periods EMA which indicate that bulls’ momentum is increasing. The relative strength index period 14 is at 57 levels and the signal lines pointing up displaying bullish direction. The bullish breakup of the $0.731 resistance level will push the price to $0.745, further bullish pressure increase will increase the price to $0.755 level. Below the current price level are support levels of $0.717, $0.710 and $0.698.

AUDUSD medium-term Trend: Bullish

On the 4-hour chart, AUDUSD is bullish. The support level of $0.710 holds and the bullish movement was triggered at the support level of $0.698. The trend is increasing and $0.723 level is broken upside. The resistance level of $0.726 is tested. Further price increase envisaged.

4hour.png

AUDUSD is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 52 levels and the signal lines pointing down to indicate a sell signal which may be a pullback.

You can purchase Lucky Block here.  Buy LBlock:

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.