Sellers’ momentum may increase
AUDUSD Price Analysis – 27 April
AUDUSD may go over the $0.66, $0.67, and $0.68 resistance levels should buyers be successful in holding the $0.65 support level. As sellers acquire more momentum, the support level of $0.65 may be broken lower, and the price may subsequently decrease as a result of the downward momentum to levels of $0.63 and $0.62
AUD/USD Market
Key levels:
Resistance levels: $0.66, $0.67, $0.68
Support levels: $0.65, $0.63, $0.62
AUDUSD Long-term Trend: Ranging
AUDUSD is on a ranging movement in the daily chart. The $0.65 level of support was tested on March 7. A bullish engulfing candle pattern is visible at the preceding level. This can be a sign that bulls on the market are becoming upset. The price rose beyond the $0.66 strong barrier. When it overcomes the obstruction, it advances toward the $0.67 resistance barrier. When the sellers and the buyers clashed, the price began fluctuating between $0.67 and $0.65.
The currency pair currently trades below both 9-period and 21-period exponential moving averages, indicating a bearish movement. AUDUSD may go over the $0.66, $0.67, and $0.68 resistance levels should buyers be successful in holding the $0.65 support level. As sellers acquire more momentum, the support level of $0.65 may be broken lower, and the price may subsequently decrease due to the downward momentum to levels of $0.63 and $0.62.
AUDUSD medium-term Trend: Bearish
AUDUSD is bearish on the 4-hour chart. A few weeks ago, the price began to move upward, reaching and challenging the $0.67 resistance level. Sellers held the price at the aforementioned level, which is now falling toward the previous low of $0.65. Vendors are now halted by customers before they even enter the market. The price was hanging between $0.66 and $0.67 levels last week. On 25 April, sellers gained more momentum and broke down the $0.66 support level, currently heading towards the $0.65 level.
AUDUSD is trading below the 9-period and 21-period exponential moving averages. Relative Strength Index period 14 points down at 29 levels, indicating a sell signal.
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