Bulls are gathering momentum
AUDUSD Price Analysis – 17 December
If buyers are willing to pay more than the $0.66 hedge, the price could go up to around $0.67 or even $0.68. Prices might drop to the $0.64 and $0.63 support levels if sellers push the market below the $0.65 support.
Key levels:
Resistance levels: $0.66, $0.67, $0.68
Support levels: $0.65, $0.64, $0.63
AUDUSD Long-term Trend: Bullish
The AUDUSD value has been slowly increasing after it tested the $0.64 level and then rose again. A Head and Shoulder chart pattern appeared on September 12 as the currency pair started to decline. The price dropped to $0.65 due to the bears’ pressure. By the time trading started to weaken, the price had already fallen from its initial level to $0.64 as the bears held onto the previously established level. The AUDUSD price reached the $0.64 level. The $0.65 hedge has been adjusted. The price tested the $0.65 level last week. The current situation supports the bulls’ expectation of a quick rise to $0.66.
When the histogram of the blue QQE MOD indicator turns above zero, it signals a buy forex opportunity. If buyers are willing to pay more than the $0.66 hedge, the price could go up to around $0.67 or even $0.68. Prices might drop to the $0.64 and $0.63 support levels if sellers push the market below the $0.65 support. When the currency pair moves above the Hull Suite forex signals index, it is considered a bullish signal.
AUDUSD medium-term Trend: Bullish
The 4-hour chart of the Australian dollar shows an upward trend. A $0.67 hedging position helped control the currency’s movement for more than two days. The price remained between $0.67 and $0.66. This week, as the price began to rise above the dynamic hedge level, more bullish candles appeared. On the chart, the 4-hour candle that closed above $0.65 the previous week looked unstable. The upward trend might continue if the previous movement restraint is lifted.
In my view, the AUDUSD pair may continue to rise. Both the QQE MOD and the blue histogram indicate a clear upward movement and are currently below zero.
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