AUDUSD Price Struggling to Break Up  $0.66 Level

Buyers may Prevail over Sellers in AUDUSD market

AUDUSD Price Analysis – 22 May

Buyers may be able to drive the price up to roughly $0.67 or possibly $0.68 if they are persistent enough to break through the $0.66 barrier.  AUDUSD may drop to the $0.64 and $0.62 support levels if sellers are successful in pushing the price below the $0.65 support level.

Key levels:

Resistance levels: $0.66, $0.67, $0.68

Support levels: $0.65, $0.64, $0.62

AUDUSD Long-term Trend: Bullish

The daily chart indicates an inclination in the value of AUDUSD. A sizable bullish candle that emerged on March 6 indicated the start of a bullish trend for the currency pair. The bulls’ efforts resulted in a $0.66 gain in price. The price was dropped from the first indicated amount to $0.62 when sales began to deteriorate.  The support level of $0.64 is broken by the AUDUSD. As it continues to decline, it is getting very near to $0.62. The market’s actions today support yesterday’s indication that the bulls will make a comeback.

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The market is regarded as bullish when the currency pair clears the Hull Suite forex signals indicator. When the QQE MOD indicator’s red histogram is below the zero level, a sell forex signal is shown. Buyers may be able to drive the price up to roughly $0.67 or possibly $0.68 if they are persistent enough to break through the $0.66 barrier.  The price may drop to the $0.64 and $0.62 support levels if sellers are successful in pushing the price below the $0.65 support level.

AUDUSD medium-term Trend: Bullish

The Australian dollar’s 4-hour chart shows an increasing trend. The $0.66 barrier level restrained the movement of the currency pair for over three weeks. Prices range from $0.66 to $0.65. Price started to surge above the dynamic barrier level as more bullish candles burnt. On the chart, the 4-hour candle that ended at $0.65 yesterday appears to be in good shape. An inclined trend forms when the prior level is exceeded.

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AUDUSD market may incline even further, in my opinion. A positive trend can be seen in both the blue histogram and the QQE MOD, which are both above zero.

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