AUDUSD Price Experiences a Bearish Reversal at $0.766 Level

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AUDUSD Price Analysis – April 13

Ability to break down the support level of $0.731 level may lead to price declination towards the support level of $0.717, and $0.710. The breaking up of $0.745 level by the bulls may push the price to test the resistance level of $0.755 and $0.766.

AUD/USD Market

Key levels:

Resistance levels: $0.745, $0.755, $0.766

Support levels: $0.731, $0.717, $0.710

AUDUSD Long-term trend: Bearish

On the daily chart, AUDUSD is bearish. Last week, the currency pair was under the control of the bulls’ momentum as a result of double bottom chart pattern formed. The bulls’ pressure pushed up the price to the resistance level of $0.766 and pulled back. Bearish engulfing candle formed and the support levels of $0.756 and $0.745 were penetrated. The pair is facing the support level of $0.731 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 51 levels and the signal lines pointing down displaying bearish direction. Ability to break down the support level of $0.731 level may lead to price declination towards the support level of $0.717, and $0.710. The breaking up of $0.745 level by the bulls may push the price to test the resistance level of $0.755 and $0.766.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. Formation of bearish engulfing candle at the resistance level of $0.766 indicate the opposition of the bears. The buyers’ pressure pushes the price to the resistance level of $0.758. The bulls’ momentum became weak and the price decline towards the support level of $0.731. There is tendency for price to continue declining.

AUDUSD is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 41 levels and the signal lines pointing down to indicate a sell signal.

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