Bullish trend may continue after a pullback
AUDUSD Price Analysis – 31 December
If buyers are ready to pay more than the $0.67 hedge level, the price could rise to approximately $0.68 or even $0.69. However, if sellers manage to push the price below the $0.66 support level, the market might drop back to the $0.65 and $0.64 support levels.
Key levels:
Resistance levels: $0.67, $0.68, $0.69
Support levels: $0.66, $0.65, $0.64
AUDUSD Long-term Trend: Bullish
The AUDUSD pair has been slowly increasing after dropping to the $0.64 level and then recovering. On September 12, a Head and Shoulder pattern formed, signaling the start of a downward move. The price fell to $0.65 due to bearish pressure. Once the selling pressure eased, the price dropped back to $0.64, where the bears remained in control. The AUDUSD pair has now returned to the $0.64 level. The $0.65 support level has been adjusted. The price tested the $0.65 level last week. The current market conditions suggest that bulls are expecting a quick rise towards $0.67.
When the histogram of the blue QQE MOD indicator moves above zero, it indicates a potential buying opportunity in forex. If buyers are ready to pay more than the $0.67 hedge level, the price could rise to approximately $0.68 or even $0.69. However, if sellers manage to push the price below the $0.66 support level, the market might drop back to the $0.65 and $0.64 support levels. If the currency pair moves above the Hull Suite forex signals index, the signal is seen as bullish.
AUDUSD medium-term Trend: Bullish
The 4-hour chart of the Australian dollar shows an upward trend. The $0.67 hedge level controlled the movement of the currency pair for more than two days. The prices were between $0.67 and $0.66. This week, as the price started to rise above the dynamic hedge level, the bullish candles increased. The 4-hour candle that closed above $0.66 last week appeared erratic. The uptrend may continue if the previous resistance is broken.
In my opinion, the demand for AUDUSD may continue to rise. Both the QQE MOD and the blue histogram show a clear upward trend and are above zero.
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