AUDUSD Price May Reduce to $0.66 Support Level

Bears’ pressure increases

AUDUSD Price Analysis – 26 July

AUDUSD may rise above the $0.67, $0.68, and $0.69 resistance levels if buyers are successful in holding the $0.66 support level. If sellers gain momentum, the price might fall much lower, perhaps to levels of $0.65 and $0.64, or even lower if the $0.66 support 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

On the daily chart, AUDUSD is moving downward. On June 15, the price reached a high of $0.68 due to investor frenzy. The next day, an evening star candle pattern at the same level indicated that the bulls’ strength had peaked. The AUDUSD market was in the hands of sellers after a robust daily bearish candle. After the $0.67 support level was broken, the price is exposed to the $0.66 support level. Today, Sellers continue to control the market.

A bearish trend is plainly discernible when the currency pair trades between the 9-period and 21-period exponential moving averages. AUDUSD may rise above the $0.67, $0.68, and $0.69 resistance levels if buyers are successful in holding the $0.66 support level. If sellers gain momentum, the price might fall much lower, perhaps to levels of $0.65 and $0.64, or even lower if the $0.66 support level is broken.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. Last two weeks, the price tested the resistance level of $0.68; that is the second time it is being tested. It started to fall and crossed the $0.67 support level, the price may test $0.66 level. The bears are bucking the downward trend at the aforementioned level. The price is currently declining.

AUDUSD is currently trading slightly below the 9-period and 21-period exponential moving averages, indicating a bearish market. The relative strength index period 14 moving upward at 46 levels, which may be a pullback, is sending out a buy signal.

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