AUDUSD Plunges Beneath Key Support Level at 0.6865

AUDUSD Plunges Beneath Key Support Level at 0.6865

AUDUSD Price Analysis – January 9

The AUDUSD pair strived to locate its path during the Asian session amid differing releases of macroeconomic data and turned south in anticipation of the American session. At the time of composing, the pair has decreased by 0.06% per day at the level of 0.6851.

Key Levels
Resistance Levels: 0.7085, 0.7031, 0.6929
Support levels: 0.6850, 0.6754, 0.6670

AUDUSD Long term Trend: Ranging

Technically, the AUDUSD pair is approaching support for 0.6850 level, where the lows of the present consolidation range are situated and on the off-chance the pair declines beneath this level, we can see a plunge to the level of 0.6800.

On the flip side, on the off-chance that buyers return, a rally to the upper zone of this range is likely, which is at around 0.6897 level.

AUDUSD Short term Trend: Ranging

The temporary low is set at 0.6850 level on AUDUSD with the 4-hour moving average of 5 and 13, crossed on a horizontal holding line while a continuous decline is anticipated as long as the level of 0.6929 is maintained with little resistance.

As noted earlier, corrective advance from the level of 0.6670 could end the rally to the level of 0.7031 level. Beneath 0.6850 level, it could come close to the support level of 0.6754 to establish this scenario. On the other hand, overcoming the 0.6929 level of insignificant resistance can weaken this position and change the bias upward for repeated testing of the 0.7031 resistance level.

Instrument: AUDUSD
Order: Buy
Entry price: 0.6850
Stop: 0.6800
Target: 0.6929

Note: Learn2Trade.com 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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Author : Azeez Mustapha

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