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.

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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.

.67 Resistance Level" width="580" height="259" data-lazy-src="https://learn2.trade/wp-content/uploads/2024/07/4-hours-56-1024x458.png"/> 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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