AUDUSD Bears Take Charge of the Market From 0.72370

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AUDUSD Price Analysis – January 27

AUDUSD bears take charge of the market from the 0.72370 significant level. The price has been making a frantic effort to move upward after the December 3rd, 2021 setback. The market rose above the next level at 0.71050 and can be observed to be following a channel. The subsequent level at 0.73150 proved insurmountable, allowing the bears to take charge from there. This, therefore, spells the end of the current bullish momentum as the price receives a second battering.

AUDUSD Important Levels

Resistance Levels: 0.73150, 0.72370
Support Levels: 0.71050, 0.69960

AUDUSD Long Term Trend: Bearish

After the mid-year drop in liquidity to the 0.73150 significant level, the market started engineering a comeback against the dominant bearish trend in the market. This started from the 0.71050 key level and price began cranking upwards, making steady higher lows and highs. This was disrupted as the price failed to bounce off 0.72370, allowing the bears to take charge of the market and send it plummeting to 0.69960.

An unrelenting market kicked started an uptrend, as previously, immediately dropping to 0.69960. Using the same strategy as before, it began cranking upward through a channel. But also, like previously, the price slipped off the lower border of the channel as bears take charge. All indications currently point to a strong bearish drive. The Relative Strength Index has stopped undulating around the middle line and has taken a definite direction downward.

AUDUSD Short Term Trend: Bearish

Like on the daily chart, the Parabolic SAR (Stop and Reverse) is positioned against the market’s uptrend. The price has breached the 0.71050 key level and keeps dropping. The RSI signal line has reached the border of the oversold region, and this may signal a retracement back to 0.71050 before the market resumes its downtrend.

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