AUDUSD Price May Experience a Bearish Reversal at $0.767 Level

AUDUSD Price Analysis – April 06

Inability to break up the $0.766 level may lead to price reversal movement towards the support level of $0.755, $0.745 and $0.731. The breaking up of $0.766 level by the bulls may push the price to test the resistance level of $0.770 and $0.790.

AUD/USD Market

Key levels:

Resistance levels: $0.767, $0.770, $0.790

Support levels: $0.755, $0.745, $0.731

AUDUSD Long-term trend: Bullish

On the daily chart, AUDUSD is bullish. The currency pair is under the control of the bulls’ momentum as a result of double bottom chart pattern formed Last three weeks. The double bottom chart pattern is a bullish reversal chart pattern. The bulls’ momentum in the daily chart increased and break up the former resistance levels of $0.731 and $0.745, it increased to test the resistance level of $0.766.

AUDUSD price is currently trading above the 9 periods EMA and 21 periods EMA which indicate that bulls’ momentum is increasing. The relative strength index period 14 is at 65 levels and the signal lines pointing down displaying bearish direction which may be a pullback. Inability to break up the $0.766 level may lead to price reversal movement towards the support level of $0.755, $0.745 and $0.731. The breaking up of $0.766 level by the bulls may push the price to test the resistance level of $0.770 and $0.790.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The buyers’ pressure pushes the price to the resistance level of $0.758. It seems the bulls’ momentum is getting weak and the price is declining towards the support level of $0.745. There is tendency for price to continue declining.

AUDUSD is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 49 levels and the signal lines pointing down to indicate a sell signal.

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