AUDUSD Fresh Supply Breach Support Zones Further Beneath the 0.6620 Levels


AUDUSD Price Analysis – February 20

The AUDUSD pair added to its intraday decline and fell to new multi-year lows, around 0.6620 regions during the late European session on Thursday, while the price stayed systematic, but the rate of the FX pair’s decline accelerated.

Key Levels
Resistance Levels: 0.7085, 0.6850, 0.6750
Support Levels: 0.6620,0.6540, 0.6479

AUDUSD Long term Trend: Bearish

In the long term, the fall of AUDUSD from 0.7085 (high) level is still ongoing. This is part of a larger downtrend from 0.7205 (high) level. Rejection of the moving average 5 and 13 on the horizontal short-term resistance confirms the bearish pair.

After that, the next target is 0.6540 (low) level. The trend may remain bearish as long as the resistance level of 0.7031 stays intact, even in the case of a strong rebound.

AUDUSD Short term Trend: Bearish

Today, AUDUSD fell to the level of 0.6620, and a break of the support zone of 0.6670 level strengthens the long-term resumption of the downtrend. The intraday bias returned to the reverse side.

Further, the immediate goal will be a partial projection from 0.6938 to 0.6650 with 0.6750 at the levels of 0.6540, and then a 100% projection at the level of 0.6479. On the other hand, a breakout of the 0.6750 resistance level is necessary to indicate a short-term fall. Otherwise, the trend may stay bearish in case of recovery.

Instrument: AUDUSD
Order: Sell
Entry price: 0.6650
Stop: 0.6750
Target: 0.6600

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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.