AUDUSD Price Breaches $0.67 Support Level, Targeting $0.66 Level

Sellers’ momentum increases

AUDUSD Price Analysis – 21 June

AUDUSD may advance over the $0.67, $0.68, and $0.67 resistance levels if buyers are successful in holding the $0.66 support level. The price might drop even more if sellers acquire more momentum, possibly to levels of $0.65 and $0.64 or even lower if the $0.66 support level is crossed.

AUD/USD Market

Key levels:

Resistance levels: $0.67, $0.68, $0.70

Support levels: $0.66, $0.65, $0.64

AUDUSD Long-term Trend: Bearish

AUDUSD in daily chart shows a bearish movement. Buyers were in control of AUDUSD market last week. When bulls dominated the market, the resistance level of $0.68 was tested. At the $0.64 support level, a solid pin bar formed, and the price moves upward. Daily bullish candles increased in number, and the price breached the previous resistance levels of $0.66. The resistance level of $0.68 was tested on 15 June. Sellers opposed the price increase and it is currently declining.

When the currency pair trades below the 9-period and 21-period exponential moving averages, a negative trend is present. AUDUSD may advance over the $0.67, $0.68, and $0.67 resistance levels if buyers successfully hold the $0.66 support level. The price might drop even more if sellers acquire more momentum, possibly to levels of $0.65 and $0.64 or even lower if the $0.66 support level is crossed.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The price started to decline and move past the $0.67 support level a few weeks ago. The price fell below its previous low of $0.65 and probed the $0.64 level while being supported by sellers at the target level. The sellers controlled the market. The previous low of $0.66 is the target.

AUDUSD is trading below the 9-period and 21-period exponential moving averages as a sign of a bearish market. Relative Strength Index period 14 points down at 33 levels, indicating a sell signal.

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