AUDUSD: Bearish Momentum Takes the Price to 0.6700 Level Despite Optimistic Data Release


AUDUSD Price Analysis – February 7

The Australian dollar versus the US dollar continues to lose and attack the support area of 0.6700 level in the European session, as the optimistic data report failed to salvage the bulls on the Australian dollar. The tone of market risk also failed to ignore the challenges facing the global economies caused by China’s Coronavirus.

Key Levels
Resistance Levels: 0.7085, 0.6878, 0.6777
Support Levels: 0.6670, 0.6600, 0.6570

AUDUSD Long term Trend: Bearish

The pair’s failure to provide a continuous breach past the November 2019 low at 0.6753 level appears to have dragged it towards the annual low at 0.6670 level.

In the larger structure, the AUDUSD falling from the 0.7085 (high) level continues. It is part of a larger downtrend from 1.1079 (high). Next target is 0.6008 (2008 low). This may stay as a positive case as long as the resistance remains at 0.7031 level.

AUDUSD Short term Trend: Bearish

The 4-hour bias in the AUDUSD currency pair stays neutral first. The recovery from 0.6670 level was contained by the resistance of 0.6777 level as anticipated and the short term trend is quite bearish.

On the downside, a decisive breach of the 0.6670 level low will confirm the resumption of the larger downtrend. The last target would be to the support of the major level at 0.6008. However, a steady breach of 0.6777 level could indicate a short term bottom and extend the consolidation pattern from 0.6670 level with another rise in the short term.

Instrument: AUDUSD
Order: Sell
Entry price: 0.6710
Stop: 0.6827
Target: 0.6620

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.