AUDUSD Price: In Case Sellers Exert More Pressure, $0.63 Support Level May Be Tested

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Bears’ momentum may increase

AUDUSD Price Analysis – 15 March

In case sellers are successful in holding the $0.66 resistance level, AUDUSD may decline below the $0.65, $0.63, and $0.62 support levels. The resistance level of $0.66 may be broken higher when buyers gain more traction, and the price may then rise as a result of the upward momentum to levels of $0.68 and $0.70

AUD/USD Market

Key levels:

Resistance levels: $0.66, $0.68, $0.70

Support levels: $0.65, $0.63, $0.62

AUDUSD Long-term Trend: Bearish

AUDUSD is on a bearish movement in daily chart. On February 2nd, $0.71 was tested as a resistance level. At the same level as before, the little Double Top chart pattern is seen. This suggests that market bears are getting set to seize over. Price fell after rebounding from the previously noted key resistance level. The price has broken below the previous support levels of $0.68 and $0.66 and is currently testing $0.65.

 

Indicating a negative trend, the currency pair is currently trading below the 9-period and 21-period exponential moving averages. In case sellers are successful in holding the $0.66 resistance level, price may decline below the $0.65, $0.63, and $0.62 support levels. The resistance level of $0.66 may be broken higher when buyers gain more traction, and the price may then rise as a result of the upward momentum to levels of $0.68 and $0.70.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. Due to the strong bullish trend, the price had to attempt the $0.71 barrier level on January 26. In an endeavor to hold the $0.70 support level, it moved backward. Increased buyer pressure caused the price to test the prior high at $0.71 the next day, which resulted in the formation of the double-top chart pattern. After falling below the $0.66 and $0.68 marks, it started to decline.

AUDUSD is trading below both the 9-period and 21-period exponential moving averages. Signal lines descending and the Relative Strength Index period 14 falling to 40 levels indicate a sell signal.

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