AUDUSD Falls for the Fourth Straight Day As Near Term Risk Moves Toward 0.6400 Level

AUDUSD Falls for the Fourth Straight Day As Near Term Risk Moves Toward 0.6400 Level

AUDUSD Price Analysis – May 14

The Australian Dollar dropped significantly in the previous session by 78 pips or 1.20 percent against the US Dollar and yet today the currency pair plummeted even more in Thursday’s American session. The Covid-19 trajectory in Australia is quite optimistic but global harsh economic data and uncertainties in China indicate that near-term risk stays as price trades at 0.6400 level.

Key Levels
Resistance Levels: 0.7031, 0.6878, 0.6569
Support Levels: 0.6352, 0.5959, 0.5506

AUDUSD Long term Trend: Ranging
There’s no obvious indication of a trend turnaround in the wider sense yet. The greater downward trend from 1.1079 level (high in 2011) is still very much in favor of expanding the projection of 1.1079 by 61.8 percent to 0.6878 from 0.8135 at 0.5506 level.

There may be a continuous split opening the way for a level of 0.4773 (low 2001). Moreover, on the upside, a continuous break of 0.6612 level may imply bottoming in the medium to long term and shift the focus to the next resistance level of 0.7031.

AUDUSD Short term Trend: Ranging
At this point, the AUDUSD intraday bias stays neutral as range trading continues. A further increase can be seen through the resistance level of 0.6569. But bearing in mind bearish divergence condition in 4 hour RSI and upward trendline, upside may be confined by 0.6684 key resistance level, at least on the initial attempt.

On the contrary, a breach of 0.6352 support level may validate a short-term reversal and move a further decline of 0.5506 to 0.6569 at the first level of 0.6213 to 38.2 percent retracement.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.