AUDUSD Price Pulls Back and Retest $0.717 Support Level Before Bullish Trend Continues

Updated:

AUDUSD Price Analysis – March 16

The bullish breakup of the $0.731 resistance level will push the price to $0.745, further bullish pressure increase will increase the price to $0.755 level. Downward movement of the price will face support levels at $0.717, $0.710 and $0.698.

AUD/USD Market

Key levels:

Resistance levels: $0.731, $0.745, $0.755

Support levels: $0.717, $0.710, $0.698

AUDUSD Long-term trend: Bearish

On the daily chart, AUDUSD is bullish. The currency pair followed the direction of the double bottom chart pattern formed last two weeks. It triggered a bullish momentum in the daily chart. The currency pair increases to the resistance level of $0.745 on March 07 as the bullish pressure increased. The just mentioned level holds and the price could not break it up. Last week, it pulled back and retesting the support level of $0.717 at the moment.

Daily 23

AUDUSD price is currently trading below the 9 periods EMA and 21 periods EMA which indicate that bears’ momentum is increasing. The relative strength index period 14 is at 48 levels and the signal lines pointing up displaying bullish direction. The bullish breakup of the $0.731 resistance level will push the price to $0.745, further bullish pressure increase will increase the price to $0.755 level. Downward movement of the price will face support levels at $0.717, $0.710 and $0.698.

AUDUSD medium-term Trend: Bearish

On the 4-hour chart, AUDUSD is bearish. The price increased and tested the resistance level of $0.745 on March 07. The mentioned resistance level holds and the bearish movement was triggered.  The price pulled back to retest the support level of $0.717. Today, the bulls are taken over the AUDUSD market, increasing towards the resistance level of $0.731.

4hours 21

AUDUSD is crossing above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 44 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.