AUDUSD Price: Sellers May Gain More Momentum to Break Down $0.66 Support Level

Sellers’ momentum may increase

AUDUSD Price Analysis – 19 April

Should buyers be successful in holding the $0.66 support level, AUDUSD may move over the $0.67, $0.68, and $0.70 resistance levels. The support level of $0.66 may be broken lower as sellers gain more traction, and the price may then drop due to the downward momentum to levels of $0.65 and $0.63.

AUD/USD Market

Key levels:

Resistance levels: $0.67, $0.68, $0.70

Support levels: $0.66, $0.65, $0.63

AUDUSD Long-term Trend: Ranging

AUDUSD is on a ranging movement in the daily chart. On March 7, the $0.65 level of support was tested. At the previous level, a bullish engulfing candle pattern is shown. This could indicate that market bulls are growing agitated. The price increased past the strong barrier at $0.66. When it breaks through the barrier, it moves upward toward the $0.67 resistance barrier. The sellers opposed the buyers and the price started moving between $0.67 and $0.66 levels.

Indicating a ranging trend, the currency pair is currently trading over and around the 9-period and 21-period exponential moving averages. Should buyers be successful in holding the $0.66 support level, AUDUSD may move over the $0.67, $0.68, and $0.70 resistance levels. The support level of $0.66 may be broken lower as sellers gain more traction, and the price may then drop due to the downward momentum to levels of $0.65 and $0.63.

AUDUSD medium-term Trend: Ranging

AUDUSD is ranging on the 4-hour chart. The price started a bullish trend few weeks ago, reaching and testing the $0.67 barrier level. The aforesaid level was held by sellers, and it now falls toward the previous low of $0.65. These days, purchasers stop vendors before they reach the market. Currently, the cost is dangling between $0.66 and $0.67 levels.

AUDUSD is trading around the 9-period and 21-period exponential moving averages. Relative Strength Index period 14 pointing down at 48 levels, indicating a sell signal.

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