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AUDUSD Price Analysis – July 15
During the early North American session, the AUDUSD pair kept its offered tone, plunging underneath the mid-0.7400 level. The USD benefited from the risk-off sentiment, which added to intraday selling. Following a spike in COVID-19 infections, the Australian state of Victoria was forced into a lockdown on Thursday.
Resistance Levels: 0.7700, 0.7600, 0.7513
Support Levels: 0.7414, 0.7372, 0.7220
AUDUSD Long term Trend: Ranging
At the start of the American session, the AUDUSD broke through a minor support level of 0.7450. A breakdown is a sell signal, with a target of sub-0.7400, however with an initial target possibly on the solid support at 0.7414 for near-term profit-taking. In all likelihood, the AUDUSD exchange rate will continue to fall over the next trading session.
The 0.7350 level could be a potential target for bears. While the retracement from the 0.8000 level is still happening, there isn’t enough data to confirm a positive trend reversal at this time. That is, it could just represent a reversal of the long-term consolidation tendency. On the plus side, a bullish comeback above the 0.7650 marks will restore buyer confidence.
AUDUSD Short term Trend: Bearish
The momentum indicators on the 4-hour time frame, on the other hand, are currently pointing to a continued sell-off in the near term. The RSI remains beneath its midline 50 and heading towards the oversold level of 40, while the 4-hour moving averages 5 & 13 are dropping, they remain above price in the negative zone.
However, if the market closes over the minor resistance at 0.7476 in the next sessions, it might stoke buying interest and confirm further rising towards the 0.7600 hurdles, which is still the current high in July. If there is a strong rebound, the 0.7700 barriers, which were identified as pivot zone in June 2021, could be the next target.
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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