AUDUSD Price: Further Price Reduction Envisaged as Price Breaks Down $0.68 Level

The sellers’ momentum is decreasing

AUDUSD Price Analysis – 22 February

AUDUSD might fall to the $0.66, $0.65, and $0.63 support levels if sellers are successful in holding the $0.68 resistance level. When buyers get more momentum, the resistance level of $0.68 might be broken higher, and the price might then increase due to the upward momentum to levels of $0.71 and $0.72.

AUD/USD Market

Key levels:

Resistance levels: $0.68, $0.70, $0.71

Support levels: $0.66, $0.65, $0.63

AUDUSD Long-term Trend: Bearish

AUDUSD is on a bearish movement in daily chart. On February 2, the currency pair tried to overcome the $0.71 resistance level. Two tests have been conducted on the aforementioned level. There was the initial interaction on January 26. The price bounced off the previously mentioned significant resistance level, which is still in place. On February 6, a powerful daily bearish candle formed and broke through the $0.70 mark and this scenario dropped the price below the $0.68 support level. The price is heading toward the support level of $0.66.

Prior to further high swings last week, the currency pair had retraced. The AUDUSD currency pair is currently trading below both of its 9-period and 21-period exponential moving averages, which indicates a downward trend. The price might fall to the $0.66, $0.65, and $0.63 support levels if sellers are successful in holding the $0.68 resistance level. When buyers get more momentum, the resistance level of $0.68 might be broken higher, and the price might then increase due to the upward momentum to levels of $0.71 and $0.72.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. On January 26, the bullish momentum compelled the price to test the $0.71 barrier level. It pulled back and made an effort to hold the support level of $0.70. The price tested the previous high at $0.71 the next day due to increased buyers’ pressure, which led to the formation of the double-top chart pattern. It started decreasing towards the $0.66 support level.

The price is below $0.70 and $0.68 at the moment. AUDUSD is trading below both the 9-period and 21-period exponential moving averages, pointing to a bearish market. A selling signal is shown by signal lines falling and the Relative Strength Index period 14 reaching 33 levels.

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