AUDUSD Price Falls as Ukraine Crisis Deepens

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AUDUSD Price Analysis – February 24

The bearish breakdown of the $0.710 support levels will sink the price to $0.698, further bearish pressure increase will decrease the price to $0.683 levels. Above the current price level are resistance levels of $0.717, $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

On the daily chart, AUDUSD is on a bearish movement. The currency pair was bullish last week. It was heading towards the resistance level of $0.731 before sellers opposed the movement. The formation of a bearish engulfing candle pattern on the daily chart indicate that sellers are ready to dominate the market. The bearish momentum made the price to break down the dynamic support level. AUDUSD is making an attempt to penetrate the support level downside.

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 40 levels and the signal lines pointing down displaying bearish direction. The bearish breakdown of the $0.710 support levels will sink the price to $0.698, further bearish pressure increase will decrease the price to $0.683 levels. Above the current price level are resistance levels of $0.717, $0.731 and $0.745.

AUDUSD medium-term Trend: Bearish

On the 4-hour chart, AUDUSD is bearish. The bullish trend that started at $0.710 on February 15 was interrupted by the bears at $0.731 zone. Bearish engulfing candle emerged and the price decline steadily to break down $0.717 support level. The price is currently heading towards the support level of $0.710.

AUDUSD is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 39 levels and the signal lines pointing down to indicate a sell 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.