AUDUSD Price Is Facing Previous Low of $0.64 Support Level

More pressure from Sellers

AUDUSD Price Analysis – 09 August

AUDUSD may rise above the $0.65, $0.66, and $0.67 resistance levels if buyers are successful in holding the $0.64 support level. If the $0.64 support level is broken, the price may fall considerably farther if sellers gather momentum, maybe to levels of $0.63 and $0.62.

AUD/USD Market

Key levels:

Resistance levels: $0.65, $0.66, $0.67

Support levels: $0.64, $0.63, $0.62

AUDUSD Long-term Trend: Bearish

On the daily chart, AUDUSD is moving downward. On July 13th, the $0.68 resistance level was put to the test. An evening star candle pattern at the same level indicated that the strength of the bulls had peaked. The following day. Sellers grabbed control of the AUDUSD market following a significant daily bearish candle. After the $0.67 support level was broken, the price further penetrated the $0.66 and $0.65 support levels. The price is currently trying to decrease toward $0.64 level. Sellers still have some sway over the market.

A negative trend is plainly discernible when the currency pair trades below the 9-period and 21-period exponential moving averages. AUDUSD may rise above the $0.65, $0.66, and $0.67 resistance levels if buyers are successful in holding the $0.64 support level. If the $0.64 support level is broken, the price may fall considerably farther if sellers gather momentum, maybe to levels of $0.63 and $0.62.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. In the previous four weeks, the price has twice tested the $0.68 resistance level. Price started to fall and breached the $0.67 support level before aiming for the $0.66 level. The bears are bucking the downward trend at the aforementioned level. The price is now declining and facing the previous low of support at $0.64.

The 9-period and 21-period exponential moving averages of the AUDUSD are trading below one another, indicating a bearish trend. The relative strength index period 14’s downward movement at level 37 is acting as a sell signal.

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