AUDUSD Price Pulls Back and Penetrates $0.63 Level

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Sellers are dominating AUDUSD market

AUDUSD Price Analysis – November 02

When sellers gain more momentum, the support level of $0.63 may be broken downside and price may decrease to the support level of $0.62, and $0.61. In case buyers oppose sellers at $0.63 level, AUDUSD may reverse and face the resistance direction at $0.65, $0.66 and $0.68 levels.

AUD/USD Market

Key levels:

Resistance levels: $0.65, $0.66, $0.68

Support levels: $0.63, $0.62, $0.61

AUDUSD Long-term trend: Bullish

AUDUSD is bullish on the daily chart. Buyers took over the market when it tested the support level of $0.61. The buyers’ momentum continue to increase in the AUDUSD market as a candle pattern called marubozu formed. More bullish candles are produced and the price moves up. The former resistance level of $0.63 has turned to support level. Price pulled back when it tested the $0.65 resistance level.

AUDUSD continue trading above the 9 periods EMA and 21 periods EMA which indicate that buyers’ momentum is increasing. The relative strength index period 14 is at 48 levels and the signal lines pointing upside displaying bullish direction. When sellers gain more momentum, the support level of $0.63 may be broken downside and price may decrease to the support level of $0.62, and $0.61. In case buyers oppose sellers at $0.63 level, price may reverse and face the resistance direction at $0.65, $0.66 and $0.68 levels.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The price action has formed a “cup with handle” chart pattern. The bears are taken over the market for the formation of handle. The support level of $0.63 is tested.

AUDUSD is currently trading around the 9 periods EMA and 21 periods EMA at close contact, which indicate low bearish and low bullish momentum. The relative strength index period 14 is at 49 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.