AUDUSD Price Penetrates $0.699 Level Testing $0.708, Further Increase Envisaged

Updated:

AUDUSD Price Analysis – August 10

The bullish breakup of the $0.708 resistance level will push the price to $0.717, further bullish pressure increase will place the price at $0.731 level. Downward movement of the price will face support levels at $0.699, $0.683 and $0.669.

AUD/USD Market

Key levels:

Resistance levels: $0.708, $0.717, $0.731

Support levels: $0.699, $0.683, $0.669

 

AUDUSD Long-term trend: Bullish

On the daily chart, AUDUSD is bullish. A long “W” chart pattern formed on the daily time frame. The currency pair followed the direction of the bullish chart pattern formed last two weeks. It triggered a bullish momentum in the daily chart. The currency pair increases to the resistance level of $0.699 on August 01 as the bullish pressure increased. The just mentioned level holds and the price pulled back. On august 08, bulls gained momentum and the price reached the resistance level of $0.708.

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 61 levels and the signal lines pointing up displaying bullish direction. The bullish breakup of the $0.708 resistance level will push the price to $0.717, further bullish pressure increase will place the price at $0.731 level. Downward movement of the price will face support levels at $0.699, $0.683 and $0.669.

AUDUSD medium-term Trend: Bullish

On the 4-hour chart, AUDUSD is bullish. The price decreased and tested the support level $0.699 on July 14. The mentioned support level holds and the bullish movement was triggered.  The price pulled back to retest the broken support level. Today, the bulls are taken over the AUDUSD market, increases and test the resistance level of $0.708.

AUDUSD has crossed above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 69 levels and the signal lines pointing up to indicate a buy 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.