AUDUSD Price May Decrease Further to $0.62 Level Provided Sellers Gain More Momentum

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Sellers’ momentum may increase

AUDUSD Price Analysis – 08 March

AUDUSD may drop below the $0.65, $0.63, and $0.62 support levels if sellers are successful in holding the $0.66 resistance level. When buyers get more momentum, the resistance level of $0.66 might be broken higher, and the price might then increase as a result of the upward momentum to levels of $0.68 and $0.70.

AUD/USD Market

Key levels:

Resistance levels: $0.66, $0.68, $0.70

Support levels: $0.65, $0.63, $0.62

AUDUSD Long-term Trend: Bearish

AUDUSD is on a bearish movement in the daily chart. The resistance level of $0.71 was tested on 02 February.  The small Double Top chart pattern is noticed at the same level mentioned. This is an indication that bears are ready to take over the market. The price bounced off the critical resistance level that was previously mentioned and it decline. The former support level of $0.68 and $0.66 has been broken downside, it is testing the $0.65 level at the moment.

 The currency pair is currently trading below the 9-period and 21-period exponential moving averages indicating a bearish trend. Price may drop below the $0.65, $0.63, and $0.62 support levels if sellers are successful in holding the $0.66 resistance level. When buyers get more momentum, the resistance level of $0.66 might be broken higher, and the price might then increase as a result of the upward momentum to levels of $0.68 and $0.70.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The price had to attempt the $0.71 barrier level on January 26 due to the strong trend. It moved backward while making an effort to maintain the $0.70 support level. The price tested the previous high at $0.71 the next day due to increased buyer pressure, which led to the formation of the double-top chart pattern. It started declining below $0.65 after breaking down $0.66 and $0.68 levels.

AUDUSD is trading below both the 9-period and 21-period exponential moving averages. Signal lines descending and the Relative Strength Index period 14 falling to 24 levels indicate a sell signal.

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