AUDUSD Price Tests Resistance Level of $0.68, What Next?

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Buyers’ momentum may increase

AUDUSD Price Analysis – 08 December

In case buyers gain more momentum, the resistance level of $0.68 may not hold and the price may increase to the resistance level of $0.70, and $0.71. When sellers oppose buyers at the $0.68 level, AUDUSD may decrease to the support levels at $0.66, $0.65, and $0.63.

AUD/USD Market

Key levels:

Resistance levels: $0.68, $0.70, $0.72

Support levels: $0.66, $0.65, $0.63

AUDUSD Long-term trend: Bullish

AUDUSD is bullish on the daily chart. The currency pair followed last week’s predictions when the bullish chart pattern formed at the support level of $0.63 level. The resistance levels of $0.65 and $0.66 were broken upside with the strong pressure from the bulls and the price reached the resistance level of $0.68. The price pulled back and retested the support level of $0.66. At the moment AUDUSD is trading within the $0.68 and $0.66 levels.

AUDUSD is trading above the 9-periods EMA and 21-periods EMA which indicates that buyers’ momentum is increasing. The relative strength index period 14 is at 54 levels and the signal lines display no specific direction. In case buyers gain more momentum, the resistance level of $0.68 may not hold and the price may increase to the resistance level of $0.70, and $0.71. When sellers oppose buyers at the $0.68 level, the price may decrease to the support levels at $0.66, $0.65, and $0.63.

 AUDUSD medium-term Trend: Bullish

AUDUSD is bullish on the 4-hour chart. After the formation of a “W” chart pattern at the support level of $0.63, the bullish trend continues in the 4-hour chart. The bull’s momentum pushed the price to test the resistance level of $0.68 as predicted. After that, the price is dangling within the $0.68 and $0.66 levels.

AUDUSD is currently trading around the 9-periods EMA and 21-periods EMA, which indicate a low bullish and bearish momentum. The relative strength index period 14 is at 48 levels with the signal lines pointing up to indicate a buy signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.