Buyers’ momentum may increase
AUDUSD Price Analysis – 17 May
In case buyers are successful in holding the $0.66 support level, AUDUSD may rise above the $0.67, $0.68, and $0.69 resistance levels. The price may fall as a result of the downward momentum to levels of $0.65 and $0.63 if sellers gain more traction. The support level of $0.66 may be broken lower.
AUD/USD Market
Key levels:
Resistance levels: $0.67, $0.68, $0.69
Support levels: $0.66, $0.65, $0.63
AUDUSD Long-term Trend: Bullish
AUDUSD’s daily chart shows a positive trend. A double bottom chart pattern forms on the daily time period. On March 7, the $0.65 level of support was put to the test. At the previous level, a bullish engulfing candle pattern may be seen. This can indicate market bulls who are agitated. The price increased past the trustworthy $0.66 threshold. After overcoming the obstacle, the price moves up and tested the $0.67 resistance wall. Bullish momentum is having difficulty rising beyond $0.67 level, it pulls back retesting the $0.66 level.
The currency pair is trading below the 9-period and 21-period exponential moving averages, which suggests a bearish pullback. In case buyers are successful in holding the $0.66 support level, AUDUSD may rise above the $0.67, $0.68, and $0.69 resistance levels. The price may fall as a result of the downward momentum to levels of $0.65 and $0.63 if sellers gain more traction. The support level of $0.66 may be broken lower.
AUDUSD medium-term Trend: Bearish
AUDUSD is bearish on the 4-hour chart. Prior to a few weeks ago, the price started to rise and challenge the $0.67 resistance level. While being supported by sellers close to the stated level, the price declined toward the previous low of $0.65. Customers now halt vendors even before they enter the market. Last week, the price tested the previous low once more, forming a double-bottom chart pattern. The sellers dominate the market.
AUDUSD is trading below the 9-period and 21-period exponential moving averages. Relative Strength Index period 14 pointing up at 43 levels, indicating a buy signal.
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