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AUDUSD Price Analysis – July 16
The Australian dollar eases as risk appetite declines on Thursday but maintains upside bias after attempting to crack the 0.70 barriers earlier on in the day. As Australia’s jobless rate ticked higher in June and full-time employment tanked, the AUDUSD pair is struggling to draw bids.
Key Levels
Resistance Levels: 0.7205, 0.7064, 0.7031
Support Levels: 0.6938, 0.6777, 0.5906
AUDUSD Long term Trend: Bullish
After the recovery, AUDUSD gradually climbed to a support level of 0.6800, rising above the long-term moving average of 5 and 13. The price is approaching the nearly one-year high of 0.7064 level again, seeking for specific exploits on the upside.
Furthermore, this view is supported by the relative strength index, as it trades beyond the 50 lines and has yet to hit overbought levels. Once the Aussie consolidates north of 0.70 level, therefore anticipate it to shift towards the next upside goal at level 0.7064. In the meantime, urgent support is at level 0.6970, preceding level 0.6938.
AUDUSD Short term Trend: Bullish
The AUDUSD intraday bias stays optimistic, and the view remains intact. We consider price behavior as a consolidation trend from 0.7064 level. A strong resistance to restrict upside may be seen from there.
The 0.6922 support level breach may transform bias to the downside to launch another downward phase within the trend. AUDUSD may approach below 0.6777 support level. The continuous breach of 0.7064 level, though, should then restart entire growth from 0.5506 level.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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