AUDUSD Price: Bulls May Dominate AUDUSD Market Soon

AUDUSD Price Analysis – April 27

Ability to break down the support level of $0.710 level may lead to price declination towards the support level of $0.698, and $0.683. The breaking up of $0.717 level by the bulls may push the price to test the resistance levels of $0.731 and $0.745.

AUD/USD Market

Key levels:

Resistance levels: $0.717, $0.731, $0.745

Support levels: $0.710, $0.698, $0.683

AUDUSD Long-term trend: Bearish

AUDUSD is bearish on the daily chart. The bearish movement which started on April 05 at the resistance level of $0.766 with the formation of inverted pin bar still continues. Bearish momentum increases and the price decrease accordingly. After penetrating the support levels of $0.731 and $0.717 downside, the price is testing $0.710 at the moment.

AUDUSD price is currently 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 30 levels and the signal lines pointing down displaying bearish direction. Ability to break down the support level of $0.710 level may lead to price declination towards the support level of $0.698, and $0.683. The breaking up of $0.717 level by the bulls may push the price to test the resistance levels of $0.731 and $0.745.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The currency pair reached the high of $0.766 resistance level on April 05. A bullish engulfing candle formed at the same level and the bearish momentum was triggered. Price decline and break down the former support level of $0.745 and $0.731. The bearish trend extends to the low of $0.717. The level is broken down today and the price is expose to $710 level.

AUDUSD is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 32 levels and the signal lines pointing down to indicate a sell signal.

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