AUDUSD Price Approaches a Potential Bullish Reversal Zone at $0.66 Level

Updated:

AUDUSD Price Analysis – September 07

The closing of daily candle below $0.66 level by the bears may push the price to test the support levels of $0.65 and $0.64. Ability to break up the resistance level of $0.68 level may lead to price inclination towards the resistance level of $0.69, and $0.71.

AUD/USD Market

Key levels:

Resistance levels: $0.68, $0.69, $0.71

Support levels: $0.66, $0.65, $0.64

AUDUSD Long-term trend: Bearish

AUDUSD is bearish on the daily chart. Last week, the sellers still held unto Australlian dollar market. More bearish candles were produced, this led to deep bearish trend in the AUDUSD market. The price moved down towards the July low level at $0.66 support level.  An increase in the Bears’ pressure led to further decrease in price to $0.66.

AUDUSD price retain its trading below the 9 periods EMA and 21 periods EMA which indicate that bears’ momentum is increasing. The relative strength index period 14 is at 34 levels and the signal lines pointing down displaying bearish direction. The closing of daily candle below $0.66 level by the bears may push the price to test the support levels of $0.65 and $0.64. Ability to break up the resistance level of $0.68 level may lead to price inclination towards the resistance level of $0.69, and $0.71.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. There was a bearish significant movement in the AUDUSD market last week; the price broke down the $0.68 level. However, Sellers still hold onto the market as more bearish candles were produced and the support level of $0.66 is tested.

AUDUSD is currently trading below the 9 periods EMA and 21 periods EMA as an indication of bearish momentum. The relative strength index period 14 is at 35 levels and the signal lines pointing up to indicate a buy signal.

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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.