AUDUSD Price: Triple Bottom Chart Pattern

Strong Bullish reversal movement envisaged in AUDUSD market

AUDUSD Price Analysis – 27 September

If buyers are successful in holding the $0.63 support level, the price may increase to the $0.64, $0.65, and $0.66 resistance levels. The price may drop as a result of the downward momentum to levels of $0.62 and $0.61 if sellers gain additional impetus and break through the $0.63 support level below.

AUD/USD Market

Key levels:

Resistance levels: $0.64, $0.65, $0.66

Support levels: $0.63, $0.62, $0.61

AUDUSD Long-term Trend: Bullish

AUDUSD is on a bearish movement in the daily chart. The formation of the Triple Bottom chart pattern is clearly seen at the support level of $0.63. This is a strong bullish reversal chart pattern which may trigger a bullish trend in the AUDUSD market. The currency pair is dangling between the resistance level of $0.64 and the support level of $0.63. At the moment, the price is retesting the just-mentioned support level.

AUDUSD currency pair is trading below 9-period and 21-period exponential moving averages in which the former is below the latter as a sign of a bearish market. The Relative Strength Index’s period 14 signal lines are pointing downward at levels of 31. If buyers are successful in holding the $0.63 support level, the price may increase to the $0.64, $0.65, and $0.66 resistance levels. The price may drop as a result of the downward momentum to levels of $0.62 and $0.61 if sellers gain additional impetus and break through the $0.63 support level below.

AUDUSD medium-term Trend: Bearish

On the 4-hour chart, AUDUSD is bearish. The resistance level of $0.65 and the support level of $0.63 have been used as a boundary for the movement of the currency pair for more than three weeks ago. The price has tested the mentioned support level three times indicating the formation of the triple bottom chart pattern. There is a high probability that AUDUSD will soar towards the north provided the support level of $0.63 holds.

The little price underperformance of the 9-period and 21-period exponential moving averages at this time signals a bearish market.

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