AUDUSD Price: Sellers Defend $0.70 Resistance Level, Further Price Reduction Envisaged

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Buyers’ momentum is decreasing

AUDUSD Price Analysis – 15 February

In case sellers are able to hold the $0.70 resistance level, AUDUSD might drop to the $0.68, $0.66, and $0.65 support levels. The resistance level of $0.70 may be broken higher when buyers gain more traction, and the price may then rise to levels of $0.71 and $0.72 as a result of the upward momentum.

AUD/USD Market

Key levels:

Resistance levels: $0.70, $0.71, $0.72

Support levels: $0.68, $0.66, $0.65

AUDUSD Long-term Trend: Bearish

AUDUSD is on a bearish movement in daily chart. The currency pair tested the $0.71 resistance level on February 2. The aforementioned level has been tested twice. On January 26, there was the initial contact. The previously noted big resistance level is still in place, and the price bounced off it. On February 6, a strong daily bearish candle emerged, breaking through the $0.070 level to test the $0.68 support level. Last week, the price played within $0.70 and $0.68. Further bearish movement is envisaged.

The currency pair retraced last week before further bearish moves. The 9-period and 21-period exponential moving averages of the AUDUSD currency pair are currently trading below each other, which suggests a negative trend. The Relative Strength Index’s period 14 signal lines are heading down at levels of 46, which could imply a bearish movement. In case sellers are able to hold the $0.70 resistance level, the price might drop to the $0.68, $0.66, and $0.65 support levels. The resistance level of $0.70 may be broken higher when buyers gain more traction, and the price may then rise to levels of $0.71 and $0.72 as a result of the upward momentum.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. On January 26, the price was forced by the bullish momentum to challenge the $0.71 barrier level. It retreated and tried to hold at the $0.70 level of support. More buyer pressure the next day caused the price to retest the previous high at $0.71, resulting in the formation of the double-top chart pattern. Last week, the price ranged between $0.70 and $0.68 levels.

The AUDUSD fell and contacted support at $0.68. Price is currently below both the 9-period and 21-period exponential moving averages, pointing to a bearish market. A selling signal is shown by signal lines falling and the Relative Strength Index period 14 reaching 40 levels.

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