AUDUSD Price: Bulls Are Ready to Dominate Market

AUDUSD Price Analysis – May 18

The closing of daily candle above $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. An Increase in the Bears’ pressure led to the decrease in price to the support level of $0.683. The bearish pressure failed and the just mentioned level could not be penetrated. It seems the bulls are ready to take over the market as more strong bullish candles are produced. Former resistance level of $0.698 has been penetrated upside, indicating an increase in the bulls’ momentum.

AUDUSD price is trading below the 21 periods EMA but above 9 periods EMA which indicate that bears’ momentum is decreasing. The relative strength index period 14 is at 40 levels and the signal lines pointing up displaying bullish direction. 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. The closing of daily candle above $0.710 level by the bulls may push the price to test the resistance levels of $0.717 and $0.731.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The bearish momentum failed at the support level of $0.683 zone. It seems the bulls’ momentum is increasing as the price is trading above the dynamic resistance. Bulls are struggling to break up the $0.968 level which indicate that bulls’ momentum is increasing.

AUDUSD is currently trading between the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 50 levels and the signal lines pointing down to indicate a sell signal.

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