Bears’ momentum increases
AUDUSD Price Analysis – 28 June
If sellers are successful in holding the $0.65 resistance level, AUDUSD may fall below the $0.65, $0.64, and $0.68 support levels. Should buyers get additional impetus, the price might rise much further, perhaps to levels of $0.67 and $0.68 or even higher if the $0.66 resistance level is breached.
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
AUDUSD in the daily chart is on a bearish movement. Buyers’ momentum placed the price at the high of $0.68 on 15 June. An evening star candle pattern formed at the same level the following day; it is an indication that the bull’s force is exhausted. A strong Daily bearish candle formed and this made sellers take over the AUDUSD market. The support level of $0.67 was penetrated and tested $0.66 level. Further, increase in sellers’ pressure breakdown 0.66 level. AUDUSD may decrease to the $0.65 level.
A negative trend is apparent when the currency pair trades below the 9-period and 21-period exponential moving averages. If sellers are successful in holding the $0.65 resistance level, AUDUSD may fall below the $0.65, $0.64, and $0.68 support levels. Should buyers get additional impetus, the price might rise much further, perhaps to levels of $0.67 and $0.68 or even higher if the $0.66 resistance level is breached.
AUDUSD medium-term Trend: Bearish
AUDUSD is bearish on the 4-hour chart. A few weeks ago, the price began to fall and move past the $0.67 support level. While being supported by sellers at the target level, the price dipped below its prior low of $0.65 and tested the $0.64 level. The market was under the sellers’ control. The aim is the previous low of $0.65.
As a sign of a bearish market, the AUDUSD is currently trading below 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 30 levels.
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