AUDUSD Bounces off Support, Requires Sufficient Strength To Sustain

Azeez Mustapha
10 June 2021 | Updated: 10 June 2021

AUDUSD Price Analysis – June 10

The AUDUSD is holding its gains but stays underneath the 0.7775 level, increasing 0.36 percent to 0.7756 at the time of writing from a low of 0.7717 and slightly below the day’s high of 0.7763. The AUDUSD is stabilizing underneath the 0.8000 high, with a little noticeable upward thrust.

Key Levels
Resistance Levels: 0.8136, 0.7980, 0.7800
Support Levels: 0.7725, 0.7645, 0.7557
AUDUSD Long term Trend: Ranging
On the daily chart, the AUDUSD is set to flip the MA 5 and MA 13 convergence into support. Within the barriers, the pair has traded in a confined range, with a session low of 0.7717 and a daily high of 0.7763 at the time of this post. The next high of 0.7800 might be exposed if a convincing break higher occurs.

However, the MA 5 is now heading north, indicating bullish pressure, and may add to the increase. As a result, a sustained advance over 0.7800 appears probable. Nonetheless, given the established resistance levels above 0.7800, the path of least resistance appears to be lower.

AUDUSD Short term Trend: Ranging
On the four-hour time frame, the AUDUSD pair is in a range within the middle channel and appears to be aiming for the 0.7800 marks. If the remains within the channel, selling pressure is anticipated to build, resulting in a decline towards a low of 0.7745. If all other factors remain constant, the currency rate may continue to consolidate throughout the next trading session.

The area near known support at 0.7645 could be a potential target for negative traders. The AUDUSD pair is only negative when trading below 0.7725, with significant support at the 0.7645 marks. The AUDUSD pair is only bullish if it is trading above 0.7725; significant resistance levels are at 0.7800 and 0.7980.

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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Azeez Mustapha

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.