AUDUSD Bounce-Off Level at 0.6850 for Another Run Towards the Upside

AUDUSD Price Analysis – June 25

Once again, new buyers emerged just beyond 0.6850 level, allowing a cautious bounce in AUDUSD into mid-European trading, even though upside momentum seems to be capped amid risk aversion.

Key Levels
Resistance Levels: 0.7205, 0.7064, 0.6938
Support Levels: 0.6777, 0.6462, 0.5906
AUDUSD Long term Trend: Bullish
To the AUDUSD bulls, the level at 0.6900 is a hard problem to solve as it is the combination of the daily pivot point and round figure. Bulls may aim at a 0.6923 level high on a break beyond the latter on June 22.

On the contrary, the daily low of 0.6847 level may provide the initial support, upon which the low level of 0.6807 may be tested. However, price movements on the daily chart retained its bullish bias and signal of some dip-buying starting to emerge.
AUDUSD Short term Trend: Ranging
The AUDUSD intraday bias stays optimistic, and the trend stays unchanged. Before closure, a corrective trend from level 0.7064 is anticipated to have another sharp drop. On the contrary, the 0.6777 level breach may aim a retraction of 38.2 percent from 0.5506 to 0.7064 at 0.6462 levels.

Continuous breach of 0.7064 level, however, may also restore entire growth from 0.5506 level. A compelling turnaround for bearish traders might be seen as a new catalyst, which in effect may pave the way for a fall to daunting weekly lows around the vicinity of 0.6809 level.

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