AUDUSD Broke Up $0.692 Level, Targeting $0.701

AUDUSD Broke Up $0.692 Level, Targeting $0.701
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AUDUSD Price Analysis – June 24

Should the Bulls are able to break up the 50 periods EMA and the candle close above it, then the AUDUSD may reach $0.711 price level provided $0.701 level does not hold. Meanwhile, the Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing up which connotes buy signal.

AUD/USD Market

Key levels:

Supply levels: $0.701, $0.711, $0.722
Demand levels: $0.692, $0.682, $0.665

 

AUDUSD Long-term trend: Bullish

AUDUSD is bullish on the daily chart. AUDUSD price was bearish a week before the last, the price reached the low demand level of $0.682. Further decrease in the price of AUDUSD was rejected by the Bulls at the demand level of $0.682 with the formation of bullish candles. AUDUSD price was increased last week towards $0.692 level. Today, the bullish candle emerged at the level above the demand level of $0.692 and the price moved towards the dynamic resistance level of 50 periods EMA.

AUDUSD Daily chart, June 24

The AUDUSD price has penetrated the 21 periods EMA upside but yet to penetrate 50 periods EMA; the price is in between the two EMAs preparing to break up the 50 periods EMA. Should the Bulls are able to break up the 50 periods EMA and the candle close above it, then the AUDUSD may reach $0.711 price level provided $0.701 level does not hold. Meanwhile, the Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing up which connotes buy signal.

AUDUSD medium-term Trend: Bullish

AUDUSD is bullish in the medium-term outlook. The Bears could not break down the demand level of $0.682 level due to the weakness in the bearish momentum. The Bulls’ momentum was increased and propelled the AUDUSD price above $0.692 level and the price is targeting $0.701 level.

AUDUSD, 4- hour charts, June 24

The price is trading above the 21 periods EMA and 50 periods EMA, the 21 periods EMA has crossed the 50 periods EMA upside as a sign of a bullish trend. The Stochastic Oscillator period 14 is above 70 levels with the signal lines pointing up which indicates buy signal.

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About AzeezMustaph

> 190 Articles
Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management

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