AUDUSD Price Is Heading Towards $0.683 Support Level

Updated:

AUDUSD Price Analysis – June 22

Ability to break down the support level of $0.683 level may lead to price declination towards the support level of $0.674, and $0.600. The closing of daily candle above $0.698 level by the bulls may push the price to test the resistance levels of $0.710 and $0.717

AUD/USD Market

Key levels:

Resistance levels: $0.698, $0.710, $0.717

Support levels: $0.683, $0.674, $0.600

 

AUDUSD Long-term trend: Bearish

AUDUSD is bearish on the daily chart. Sellers hold un to the AUDUSD as bearish movement continues in the AUDUSD market. Increasing in the sellers’ momentum has led to the decrease in price. The currency pair penetrated the support levels of $0.698 and $0.710 downside.  The price is exposes to the support level of $0.683 at the moment. The currency pair is targeting the support level at $0.683.

AUDUSD price retain its 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 39 levels and the signal lines pointing down displaying bearish direction. Ability to break down the support level of $0.683 level may lead to price declination towards the support level of $0.674, and $0.600. The closing of daily candle above $0.698 level by the bulls may push the price to test the resistance levels of $0.710 and $0.717.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The buyers has pushed the price to the resistance level of $0.717 zone. The bulls’ momentum became weak as the price consolidated around the dynamic resistance. Bulls’ momentum failed and the price reverse and decreases rapidly. It broke down $0.696 and the price is heading towards $683 level.

AUDUSD is currently trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 36 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.