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Bears’ momentum increases
AUDUSD Price Analysis – 05 July
The support levels of $0.66, $0.65, and $0.64 may be breached by the AUDUSD if sellers are successful in holding the $0.67 resistance level. The price may rise significantly more if buyers gain more momentum, maybe reaching levels of $0.68 and $0.69 or even higher if the $0.67 resistance level is broken.
AUD/USD Market
Key levels:
Resistance levels: $0.67, $0.68, $0.69
Support levels: $0.66, $0.65, $0.64
AUDUSD Long-term Trend: Bearish
AUDUSD in the daily chart is on a bearish movement. On June 15, the price reached a high of $0.68 due to the enthusiasm of buyers. The following day, an evening star candle pattern developed at the same level, signaling the exhaustion of the bulls’ might. The formation of a strong daily bearish candle prompted sellers to dominate the AUDUSD market. The $0.66 level was tested after the $0.67 support level was breached. Last week, price retracement was carried out and sellers are returning in to the market at the moment.
When the currency pair trades below the 9-period and 21-period exponential moving averages, a negative trend is clearly visible. The support levels of $0.66, $0.65, and $0.64 may be breached by the AUDUSD if sellers are successful in holding the $0.67 resistance level. The price may rise significantly more if buyers gain more momentum, maybe reaching levels of $0.68 and $0.69 or even higher if the $0.67 resistance level is broken.
AUDUSD medium-term Trend: Bearish
AUDUSD is bearish on the 4-hour chart. The price started to decline and move past the $0.67 support level a few weeks ago. The price fell below its previous low of $0.65 and probed the $0.64 level while being supported by sellers at the target level. The vendors controlled the market. The previous low of $0.65 is the target.
As a sign of a bearish market, the AUDUSD is currently trading between the 9-period and 21-period exponential moving averages. A sell signal is being given by the relative strength index period 14 going downward at 51 levels.
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