AUDUSD Stays Under Heavy Selling Pressure Beneath the 0.7030 Level

AUDUSD Stays Under Heavy Selling Pressure Beneath the 0.7030 Level

AUDUSD Price Analysis – September 24

The AUDUSD pair extended its recent pullback from levels beyond the 0.7400 mark and experienced some heavy selling for the 5th day in a row. The downward momentum pushed the pair to two-month lows, beneath the 0.7030 level, and may act as a catalyst for a further near-term depreciating move.

Key Levels
Resistance Levels: 0.7413, 0.7285, 0.7150
Support Levels: 0.6921, 0.6684, 0.5506
AUDUSD Long term Trend: Ranging
Technical indicators are almost flashing over-sold conditions on the daily chart as the RSI is on the brink of slipping beneath the 25 marks. In the larger sense, meanwhile, the recovery from the medium-term bottom of 0.5506 level is seen as reversing the entire long-term downtrend from the high level of 1.1079.

There is no validation that it has been finished. A further rise to 38.2 percent retracement from 1.1079 level to 0.5506 (2020 low level) at 0.7620 level until topping might still be expected. That being said, continuous trading beneath the moving averages 5 (now at level 0.7100) may improve the chances that it’ll be completed and shift attention back to low level 0.5506.
AUDUSD Short term Trend: Bearish
The decrease in AUDUSD is now decreasing to as low as 0.7016 level, and intraday bias persists on the downside. The recent decline is seen as a complete growth correction from 0.5506 to 0.7413 levels. As such, AUD/USD appears likely to test the lower levels of horizontal support, presently below the level of 0.70.

At 0.6684 levels, a steeper decrease can be seen at 38.2 percent retracement from 0.5506 to 0.7413 levels. To indicate completion of the plunge, a breach of 0.7150 support turned resistance level is required on the upside. Anything else, even in the event of recovery, the near-term outlook may now stay bearish.

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Author : Azeez Mustapha


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