AUDUSD Price: Restoration of Bullish Trend, Targeting $0.68 Level

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Buyers’ momentum is increasing

AUDUSD Price Analysis – 23 November

In case sellers oppose buyers at the $0.68 level, the price may decrease to the support levels at $0.66, $0.65, and $0.63. When buyers gain more momentum, the resistance level of $0.68 may be broken upside and AUDUSD may increase to the resistance level of $0.70, and $0.71.

AUD/USD Market

Key levels:

Resistance levels: $0.66, $0.68, $0.70

Support levels: $0.65, $0.63, $0.62

AUDUSD Long-term trend: Bullish

AUDUSD is bullish on the daily chart. The formation of a bullish chart pattern called short “W” on the daily time frame triggered the bullish trend. Buyers’ momentum increased and the former resistance level of $0.63 and $0.65 was broken upside and the price tested the resistance level of $0.68 on 15 November before it pulled back to retest the dynamic support level. At the moment, bulls are returning to the market and the price is increasing.

AUDUSD is trading above the 9-periods EMA and 21-periods EMA which indicates that buyers’ momentum is increasing. The relative strength index period 14 is at 57 levels and the signal lines pointing upside display a bullish direction. . In case sellers oppose buyers at $0.68 level, the price may decrease to the support levels at $0.66, $0.65, and $0.63. When buyers gain more momentum, the resistance level of $0.68 may be broken upside and the price may increase to the resistance level of $0.70, and $0.71.

AUDUSD medium-term Trend: Bullish

AUDUSD is bullish on the 4-hour chart. The price started increasing when a “W” chart pattern formed at the support level of $0.6347. The bulls took over the market for the complete formation of the chart pattern. The price pulled back last week but currently is targeting the resistance level of $0.68.

AUDUSD is currently trading above the 9-periods EMA and 21-periods EMA, which indicates bullish momentum in the AUDUSD market. The relative strength index period 14 is at 52 levels with the signal lines pointing up to indicate a buy signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.