AUDUSD Price May Increase to $0.698 Resistance Level

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AUDUSD Price Analysis – July 20

Ability to break up the resistance level of $0.698 level may lead to price inclination towards the resistance level of $0.710, and $0.730. The closing of daily candle below $0.683 level by the bears may push the price to test the support levels of $0.674 and $0.600.

AUD/USD Market

Key levels:

Resistance levels: $0.698, $0.710, $0.730

Support levels: $0.683, $0.674, $0.600

AUDUSD Long-term trend: Bullish

AUDUSD is bullish on the daily chart. At the early stage of market last week, Bears’ pressure further increased and the price decreased to the support level of $0.68. Bearish movement could not continue when it tested $0.68 support level. It reversed yesterday with the formation of strong daily bullish candle and penetrated the former resistance levels of $0.68.  The price is currently exposes to the resistance level of $0.698 at the moment.

AUDUSD price is 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 51 levels and the signal lines pointing up displaying bullish direction. Ability to break up the resistance level of $0.698 level may lead to price inclination towards the resistance level of $0.710, and $0.730. The closing of daily candle below $0.683 level by the bears may push the price to test the support levels of $0.674 and $0.600.

AUDUSD medium-term Trend: Bullish

AUDUSD is bullish on the 4-hour chart. The currency pair could not decrease beyond the support level of $0.683 last week. The bears’ momentum fails and the price increase. The former resistance level of $0.683 is penetrated and the price is targeting the resistance level of $0.698.

AUDUSD is currently trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 62 levels with the signal lines pointing down to indicate a sell which may be a pullback.

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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.