AUDUSD Price May Reverse Provided Support Level of $0.64 Holds

Azeez Mustapha


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Buyers may take over AUDUSD market

AUDUSD Price Analysis – October 05

The closing of daily candle above $0.65 level by the buyers may push the price to test the resistance levels of $0.66 and $0.67. Ability to break down the support level of $0.64 may leads AUDUSD to the support level of $0.63, and $0.62.

AUD/USD Market

Key levels:

Resistance levels: $0.65, $0.66, $0.67
Support levels: $0.64, $0.63, $0.62

AUDUSD Long-term trend: Bearish

AUDUSD is bearish on the daily chart. There was no significant movement in the market of Auxi-USD last week. The price is consolidating around the $0.64 zone. Today Sellers are exerting more pressure on the currency as the daily bearish candle is in formation. Last week, the price tested the support level of $0.64 but could not penetrate it downside.

AUDUSD price is trading below the 9 periods EMA and 21 periods EMA which indicate that sellers’ momentum is increasing. The relative strength index period 14 is at 37 levels and the signal lines pointing downside displaying bearish direction. Ability to break down the support level of $0.64 may leads to price decrease to the support level of $0.63, and $0.62. The closing of daily candle above $0.65 level by the buyers may push the price to test the resistance levels of $0.66 and $0.67.

AUDUSD medium-term Trend: Bearish

AUDUSD is bullish on the 4-hour chart. When the currency pair experienced a decrease last week. It found support at $0.064 level. The sellers’ momentum decrease and the price pulled back to retest the resistance level of $0.064. Since then, there was a low volatility in the AUDUSD market. Thus, the price began a consolidation movement.

AUDUSD is currently trading around the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 46 levels with the signal lines pointing down to indicate a sell signal.
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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.

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