AUDUSD Price Targeting $0.698 as Sellers Oppose Buyers at $0.710 Resistance Level

Updated:

AUDUSD Price Analysis – August 17

Below the current price level are $0.698, $0.683 and $0.600 support levels. An interruption from the bulls can restore a bullish trend to the AUDUSD market and price may reach $0.710, $0.730 and $0.746 resistance levels.

AUD/USD Market

Key levels:

Resistance levels: $0.710, $0.730, $0.746

Support levels: $0.698, $0.683, $0.674, $0.600

 

AUDUSD Long-term trend: Bearish

AUDUSD is bearish on the daily chart. At the early stage of market last week, the currency pair was bullish. The bullish movement commenced on July 14 and it increases to the resistance level of $0.710 where the bears opposed the movement. The bearish engulfing candle formed and the price started declining towards the support level of $0.698 at the moment. Strong daily bearish candle emerges indicating more sellers in the market

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 47 levels and the signal lines pointing down displaying bearish direction. Below the current price level are $0.698, $0.683 and $0.600 support levels. An interruption from the bulls can restore a bullish trend to the AUDUSD market and price may reach $0.710, $0.730 and $0.746 resistance levels.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The currency pair could not increase beyond the resistance level of $0.71 last week. The bears’ momentum increased and the price decreases. More pressure from the sellers are pushing the price towards the previous low at $0.68 level.

AUDUSD is currently trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 31 levels with the signal lines pointing down to indicate a sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.