Sellers’ momentum may increase
AUDUSD Price Analysis – 31 May
When buyers are successful in holding the $0.64 support level, AUDUSD may rise above the $0.65, $0.66, and $0.67 resistance levels. If sellers get more impetus, the price may fall further as a result of the downward momentum to levels of $0.63 and $0.62, or lower, if the $0.64 support level is breached.
AUD/USD Market
Key levels:
Resistance levels: $0.65, $0.66, $0.67
Support levels: $0.64, $0.63, $0.62
AUDUSD Long-term Trend: Bearish
AUDUSD in the daily chart shows a bearish movement. The $0.67 resistance level was tested last three weeks when bulls were in control of the market. Three tests have been conducted on the level just mentioned. 03 April was the first time, and 14 April was the second. At $0.67, a triple-top chart pattern is created. Sellers presently have influence over the price. The price has broken the $0.65 support level as a result of the strong daily bearish candle and the $0.64 level is tested.
A negative trend is confirmed by the currency pair’s trading below the 9-period and 21-period exponential moving averages. When buyers are successful in holding the $0.64 support level, AUDUSD may rise above the $0.65, $0.66, and $0.67 resistance levels. If sellers get more impetus, the price may fall further as a result of the downward momentum to levels of $0.63 and $0.62, or lower, if the $0.64 support level is breached.
AUDUSD medium-term Trend: Bearish
AUDUSD is bearish on the 4-hour chart. A few weeks ago, the price started to fall and move past the $0.67 support level. While being supported by sellers close to the target level, the price fell below its previous low of $0.65. Customers now halt vendors even before they enter the market. Yesterday, the price tested the $0.64 level as Vendors control the market.
AUDUSD is trading below the 9-period and 21-period exponential moving averages. Relative Strength Index period 14 points down at 35 levels, indicating a sell signal.
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