AUDUSD Price: Will There Be a Bullish Breakout?

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Buyers’ momentum may  further increase

AUDUSD Price Analysis – 21 December

When buyers gain more momentum, the resistance level of $0.68 may be broken upside, and the bullish momentum may extend to the $0.70 and $0.72 levels. In case sellers defend the resistance level of $0.68, AUDUSD may decline 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: Ranging

AUDUSD is ranging on the daily chart. The price increases to the resistance level of $0.68 after the formation of a bullish chart pattern that formed at the support level of $0.62. The bulls lose momentum when the price reached the high of $0.68 on 01 December. It pulled back and retested the support level of $0.66. Last week, the price retain its movement within the two levels mentioned above. In other words, ranging movement is ongoing in the AUDUSD market.

AUDUSD is trading over and around the 9-periods EMA and 21-periods EMA which indicates that buyers’ and sellers’ momentum is not steady. The Relative Strength Index period 14 is at 49 levels and the signal lines display no specific direction. When buyers gain more momentum, the resistance level of $0.68 may be a broken upside, and the bullish momentum may extend to the $0.70 and $0.72 levels. In case sellers defend the resistance level of $0.68, the price may decline to the support levels at $0.66, $0.65, and $0.63.

 AUDUSD medium-term Trend: Ranging

AUDUSD is ranging on the 4-hour chart. The price could not break up the resistance level of $0.68 due to weak bullish momentum. The bears equally tried to push the price below the support level of $0.66 but were unable. AUDUSD is trading within the $0.68 and $0.66 levels and this may continue until there is a breakout.

AUDUSD is currently trading around the 9-periods EMA and 21-periods EMA, which indicates a ranging market. The Relative Strength Index period 14 is at 49 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.