AUDUSD Dips to 0.7476 Level As the Dollar Recovers

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AUDUSD Price Analysis – July 1

The AUDUSD fell 27 pips, or 0.23 percent, against the US Dollar on Thursday. During the trading session, the currency pair dips to the prior months’ low of June 18 on the level at 0.7476. At the 0.7480 level, the exchange rate is now trading at the bottom of a declining channel pattern.

Key Levels
Resistance Levels: 0.7645, 0.7600, 0.7531
Support Levels: 0.7476, 0.7414, 0.7372
AUDUSD Long term trend: Ranging
At the start of the European session, the AUDUSD plunged to June’s low level at 0.7476 level. A breakdown is a sell signal, with targets of 0.7414 and 0.7372 level, possibly as far as solid support around 0.7220 for long-term profit-taking. In all likelihood, the AUDUSD exchange rate will continue to fall over the next trading session.

The 0.7414 level could be a potential target for bears. While the comeback from the 0.7000 level was significant, there is still insufficient data to confirm a bullish trend reversal. That is, it could simply be a reversal of the long-term downturn. A breach of the 0.7414 level on the upside would prolong the rise from 0.7000 level higher.
AUDUSD Short term Trend: Bearish
The AUDUSD is range-bound from the 0.7616 level, with a neutral intraday tendency. With the 0.7476 support level intact, a prolonged climb is being considered. The range trend from 0.7000 to 0.8000 may have completed and now returning to a downward path.

On the upside, a break of the 0.7616 level might lead to a target and a test of the 0.7645 high level. The strong break may trigger a stronger bounce from the 0.7476 level. However, a breach of the 0.7476 minor support level on the downside will likely prolong the range trend from the 0.7616 level with another plummeting phase.

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