AUDUSD Price May Decrease to $0.674 Level

AUDUSD Price Analysis – July 06

Ability to break up the resistance level of $0.683 level may lead to price inclination towards the resistance level of $0.698, and $0.710. The closing of daily candle below $0.674 level by the bears may push the price to test the support levels of $0.600 and $0.580.

AUD/USD Market

Key levels:

Resistance levels: $0.683, $0.698, $0.710

Support levels: $0.674, $0.600, $0.580

AUDUSD Long-term trend: Bearish

AUDUSD is bearish on the daily chart. Bears’ pressure further increased and the price decreases accordingly. Bearish movement continues in the AUDUSD market as the price could not go higher when it tested $0.710 level. It reversed and penetrated the former support levels of $0.698 and $0.683 downside.  The price is currently exposes to the support level of $0.674 at the moment.

AUDUSD price is 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 35 levels and the signal lines pointing down displaying bearish direction. Ability to break up the resistance level of $0.683 level may lead to price inclination towards the resistance level of $0.698, and $0.710. The closing of daily candle below $0.674 level by the bears may push the price to test the support levels of $0.600 and $0.580.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. Further price decrease experiences in the AUDUSD market. The bears’ momentum increase and the price declines. The former support level of $0.683 is penetrated and the price is targeting the support level of $0.669.

AUDUSD is currently trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 40 levels with the signal lines pointing down to indicate a sell.

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