AUDUSD Price Pulls Back at $0.66 Level

Buyers’ momentum may  increase in AUDUSD market

AUDUSD Price Analysis – 30 May

If buyers are determined enough to break through the $0.66 barrier, they might be able to push AUDUSD up to about $0.67 or even $0.68.  If sellers are successful in driving the price below the $0.65 support level, the price may fall to the $0.64 and $0.62 support levels.

Key levels:

Resistance levels: $0.66, $0.67, $0.68

Support levels: $0.65, $0.64, $0.62

AUDUSD Long-term Trend: Bullish

AUDUSD value shows an inclination on the daily chart. The beginning of a bullish trend for the currency pair was signaled by a large bullish candle that appeared on March 6. Because of the bulls’ efforts, the price increased by $0.66. When sales started to decline, the price was lowered from the first mentioned figure to $0.62.  The AUDUSD breaks above the $0.64 support level. It is getting extremely close to $0.62 as it keeps falling. The market’s behavior today confirms the suggestion from yesterday that the bulls will stage a recovery.

When the currency pair clears the Hull Suite forex signals indicator, the market is considered bullish. A sell forex signal is displayed when the red histogram of the QQE MOD indicator is below the zero level. If buyers are determined enough to break through the $0.66 barrier, they might be able to push the price up to about $0.67 or even $0.68.  If sellers are successful in driving the price below the $0.65 support level, the price may fall to the $0.64 and $0.62 support levels.

AUDUSD medium-term Trend: Bullish

The 4-hour chart of the Australian dollar indicates an upward trend. For more than three weeks, the $0.66 barrier level limited the movement of the currency pair. The range of prices is $0.66 to $0.65. More bullish candles burned, and the price began to rise above the dynamic barrier level. The 4-hour candle that closed at $0.65 yesterday seems healthy on the chart. When the previous level is surpassed, an inclination trend develops.

I think the AUDUSD market may continue to incline. Both the blue histogram and the QQE MOD, which are both above zero, show a positive trend.

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