AUDUSD Price May Retest Previous High at $0.74 Resistance Level

AUDUSD Price Analysis – March 09

The bullish breakup of the $0.745 resistance level will push the price to $0.755, further bullish pressure increase will increase the price to $0.777 level. Downward movement of the price will face support levels at $0.731, $0.717 and $0.710.

AUD/USD Market

Key levels:

Resistance levels: $0.745, $0.755, $0.77

Support levels: $0.731, $0.717, $0.710

 

AUDUSD Long-term trend: Bullish

On the daily chart, AUDUSD is bullish. The double bottom chart pattern formed triggered a bullish momentum in the daily chart. The currency pair increases as the bullish pressure increase, the former resistance level of $0.71 and $0.73 was penetrated upside and the price increase to test the $0.74 resistance level. The bulls are returning in to the market, 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 59 levels and the signal lines pointing up displaying bullish direction. The bullish breakup of the $0.745 resistance level will push the price to $0.755, further bullish pressure increase will increase the price to $0.777 level. Downward movement of the price will face support levels at $0.731, $0.717 and $0.710.

AUDUSD medium-term Trend: Bullish

On the 4-hour chart, AUDUSD is bullish. The price increased and tested the resistance level of $0.74 on March 07. The mentioned resistance level holds and the bearish movement was triggered.  The price pulled back to retest the support level of $0.73. Today, the bulls are taken over the AUDUSD market, increasing towards the resistance level of $0.74.

AUDUSD is crossing above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 54 levels and the signal lines pointing up to indicate a buy signal.

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