AUDUSD Price May Increase as Double Bottom Chart Pattern Emerges

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.

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.

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.

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