AUDUSD Price Pulls Back Before Breaking $0.67 Resistance Level

Bullish movement may continue

AUDUSD Price Analysis – 17 July

Buyers may be able to increase the price to roughly $0.68 or possibly $0.69 if they are persistent enough to break through the $0.67 barrier.  Prices may drop to the $0.65 and $0.64 support levels if sellers are successful in pushing the price below the $0.66 support level.

Key levels:

Resistance levels: $0.67, $0.68, $0.69

Support levels: $0.66, $0.65, $0.64

AUDUSD Long-term Trend: Bullish

On the daily chart, the value of AUDUSD exhibits a positive trend. A sizable bullish candle that emerged on March 6 indicated the start of a bullish trend for the currency pair. The bulls’ efforts resulted in a $0.66 gain in price. The price was reduced from the first quoted figure to $0.62 when sales began to fall. The AUDUSD crosses over the resistance level of $0.65. It is approaching the $0.67 level with a steady ascent. The market’s current behavior supports the bulls’ rally call from yesterday.

The market is viewed as bullish when the currency pair clears the Hull Suite forex signals indicator. When the blue QQE MOD indicator histogram is above the zero level, a buy forex signal is shown. Buyers may be able to increase the price to roughly $0.68 or possibly $0.69 if they are persistent enough to break through the $0.67 barrier.  Prices may drop to the $0.65 and $0.64 support levels if sellers are successful in pushing the price below the $0.66 support level.

AUDUSD medium-term Trend: Bullish

The Australian dollar’s 4-hour chart shows an increasing trend. The $0.66 barrier level restrained the movement of the currency pair for over three weeks. There is a $0.66 to $0.65 pricing range. As the price started to rise over the dynamic barrier level, more bullish candles burned. On the chart, the 4-hour candle that closed at $0.66 yesterday looks healthy. If the previous level is exceeded, the trend of inclination may continue.

I believe the AUDUSD market may climb further. A positive trend can be seen in both the blue histogram and the QQE MOD, which are both above zero.

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