AUDUSD Price Pulls Back to Test $0.66 Line

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.

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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.

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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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