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Buyers Prevail over Sellers in AUDUSD market
AUDUSD Price Analysis – 15 May
If buyers are determined enough to push past the $0.66 barrier, they might be able to raise the price to about $0.67 or even $0.68. If sellers are successful in driving AUDUSD below the $0.65 support level, the price may fall to the $0.64 and $0.62 support levels.
Key levels:
Resistance levels: $0.66, $0.67, $0.68
Support levels: $0.65, $0.64, $0.62
AUDUSD Long-term Trend: Bullish
AUDUSD’s value is inclining, as seen by the daily chart. The beginning of a bullish trend for the currency pair was signaled by a large bullish candle that appeared on March 6. Because of the bulls’ efforts, the price increased by $0.66. When sales started to decline, the price was lowered from the initial figure mentioned to $0.62. AUDUSD breaks above the $0.64 support level. It is getting close to $0.62 as it keeps increasing. The market’s movements yesterday suggest that the bulls will return, today’s movement confirms it.
When the currency pair clears the Hull Suite forex signals indicator, the market is considered bullish. A sell forex signal is displayed when the red histogram of the QQE MOD indicator is below the zero level. If buyers are determined enough to push past the $0.66 barrier, they might be able to raise the price to about $0.67 or even $0.68. If sellers are successful in driving the price below the $0.65 support level, the price may fall to the $0.64 and $0.62 support levels.
AUDUSD medium-term Trend: Bullish
The 4-hour chart of the Australian dollar indicates an upward trend. The currency pair’s movement was confined for more than three weeks by the $0.66 barrier level. The range of prices is $0.66 to $0.65. As additional bullish candles burned, the price began to rise above the dynamic barrier level. The 4-hour candle that closed at $0.65 yesterday looks positive on the chart. The previous level is surpassed, an inclination trend is formed.
I think there’s a chance that AUDUSD market will incline even further. Both the blue histogram and the QQE MOD, which are both above zero, show a positive trend.
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