AUDUSD Price Is Struggling to Breach $0.65 Support Level

Sellers’ pressure is increasing

AUDUSD Price Analysis – 02 August

If buyers are successful in holding the $0.65 support level, AUDUSD may go above the $0.66, $0.67, and $0.68 resistance levels. If sellers gain momentum, the price might drop much further if the $0.65 support level is breached, possibly to levels of $0.64 and $0.63.

AUD/USD Market

Key levels:

Resistance levels: $0.66, $0.67, $0.68

Support levels: $0.65, $0.64, $0.63

AUDUSD Long-term Trend: Bearish

On the daily chart, AUDUSD is moving downward. The resistance level of $0.68 was tested on 13 July. The power of the bulls had peaked the next day, according to an evening star candle pattern at the same level. After a strong daily bearish candle, sellers took control of the AUDUSD market. The price is exposed to the $0.66 support level after the $0.67 support level was breached. Sellers still have influence of the market today as the price is struggling to penetrate $0.65.

 

When the currency pair trades below the 9-period and 21-period exponential moving averages, a negative trend is clearly visible. If buyers are successful in holding the $0.65 support level, AUDUSD may go above the $0.66, $0.67, and $0.68 resistance levels. If sellers gain momentum, the price might drop much further if the $0.65 support level is breached, possibly to levels of $0.64 and $0.63.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The resistance level of $0.68 has been tested twice in the past three weeks by the price. The price began to decline and crossed the $0.67 support level; it targeted the $0.66 level. At the aforementioned level, the bears are defying the negative trend. Right now, the price is going down struggling to breach support level $0.65.

AUDUSD is slightly trading below the 9-period and 21-period exponential moving averages signaling a bearish market. A sell signal is being sent by the relative strength index period 14’s downward movement at 25 levels.

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