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AUDUSD Price Analysis – August 24
Ability to break down the support level of $0.683 level may lead to price declination towards the support level of $0.674, and $0.600. The closing of daily candle above $0.698 level by the bulls may push the price to test the resistance levels of $0.710 and $0.717.
Resistance levels: $0.698, $0.710, $0.717
Support levels: $0.683, $0.674, $0.600
AUDUSD Long-term trend: Bearish
AUDUSD is bearish on the daily chart. Bearish movement continues in the AUDUSD market. Increasing in the Bears’ pressure led to the decreases in price. It penetrated the support levels of $0.698 and $0.710 downside. The price is exposes to the support level of $0.683 at the moment. The currency pair is targeting the support level at $0.683.
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 47 levels and the signal lines pointing up displaying bullish direction which may be a pullback. Ability to break down the support level of $0.683 level may lead to price declination towards the support level of $0.674, and $0.600. The closing of daily candle above $0.698 level by the bulls may push the price to test the resistance levels of $0.710 and $0.717.
AUDUSD medium-term Trend: Bearish
AUDUSD is bearish on the 4-hour chart. The bears has pushed the price to the support level of $0.683 zone. It seems the bears’ momentum is becoming weak as the price is consolidating around the dynamic resistance. Bulls are struggling to break up the dynamic resistance levels which indicate that bulls’ momentum is increasing.
AUDUSD is currently trading above the 9 periods EMA and above 21 periods EMA. The relative strength index period 14 is at 51 levels and the signal lines pointing up to indicate a buy signal.
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