AUDUSD Price May Experience a Bullish Reversal at $0.698 Level

Updated:

AUDUSD Price Analysis – May 04

The breaking up of $0.710 level by the bulls may push the price to test the resistance levels of $0.717 and $0.731. Ability to break down the support level of $0.698 level may lead to price declination towards the support level of $0.683, and $0.674.

AUD/USD Market

Key levels:

Resistance levels: $0.710, $0.717, $0.731

Support levels: $0.698, $0.683, $0.674

 

AUDUSD Long-term trend: Bearish

AUDUSD is bearish on the daily chart. Bears continue to dominate AUDUSD market. Bearish pressure increases and the price decrease accordingly. It penetrate the support levels of $0.717 and $0.710 downside, the price tested $0.698 yesterday and trying to pull back at the moment. The currency pair has tested the demand zone at $0.698.

AUDUSD price is currently trading below the 9 periods EMA and 21 periods EMA which indicate that bears’ momentum is increasing. The relative strength index period 14 is at 35 levels and the signal lines pointing up displaying bullish direction. The breaking up of $0.710 level by the bulls may push the price to test the resistance levels of $0.717 and $0.731. Ability to break down the support level of $0.698 level may lead to price declination towards the support level of $0.683, and $0.674.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. It seems the sellers are getting tired when the price reaches the support level of $0.698. Bulls are defending the just mentioned level and the price is gradually increasing. Bullish reversal may take place and the price may increase as a sign of bullish trend.

AUDUSD is currently trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 52 levels and 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.