AUDUSD Price Tests a Potential Bullish Reversal Zone

AUDUSD Price Analysis – September 28

Ability to break up the resistance level of $0.65 may lead to price increase to the resistance level of $0.66, and $0.67. The closing of daily candle below $0.64 level by the sellers may push the price to test the support levels of $0.63 and $0.62

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

On the daily chart, AUDUSD is bearish. Sellers continue to exert more pressure on the currency. Last week, the price closed at $0.66 resistance level. Bearish movement continues in the AUDUSD market as the buyers could not oppose the sellers. The price descends on daily chart. Bears’ pressure further increased and the price decreases accordingly. It penetrated the former support levels of $0.67 and $0.66 downside.  AUDUSD tested the support level of $0.63.

AUDUSD price is trading below the 9 periods EMA and 21 periods EMA which indicate that sellers’ momentum is increasing. The relative strength index period 14 is at 35 levels and the signal lines pointing upside displaying bullish direction. Ability to break up the resistance level of $0.65 may lead to price increase to the resistance level of $0.66, and $0.67. The closing of daily candle below $0.64 level by the sellers may push the price to test the support levels of $0.63 and $0.62.

AUDUSD medium-term Trend: Bullish

AUDUSD is bullish on the 4-hour chart. The currency pair further experience a decrease in price. The sellers’ momentum increase and the price decreases. The former support level of $0.67 is penetrated and the price tested the support level of $0.64. Today, bulls dominates the market indicating that price may experience a bullish reversal.

AUDUSD is currently trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 52 levels with the signal lines pointing up to indicate a buy.

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