AUDUSD Price: Will There Be a Bearish Breakdown at $0.698

Updated:

AUDUSD Price Analysis – June 29

The closing of daily candle below $0.683 level by the bears may push the price to test the support levels of $0.674 and $0.600. Ability to break up the resistance level of $0.698 level may lead to price inclination towards the resistance level of $0.710, and $0.717

AUD/USD Market

Key levels:

Resistance levels: $0.698, $0.710, $0.717

Support levels: $0.683, $0.674, $0.600

AUDUSD Long-term trend: Bearish

AUDUSD is bearish on the daily chart. An Increase in the Bears’ pressure led to the decreases in price. Bearish movement continues in the AUDUSD market as the price could not go higher when it reached $0.710 level. It penetrated the support levels of $0.698 and $0.710 downside.  The price is exposes to the support level of $0.683 at the moment. The currency pair is targeting the previous low.

AUDUSD price retain its 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 39 levels and the signal lines pointing down displaying bearish direction. The closing of daily candle below $0.683 level by the bears may push the price to test the support levels of $0.674 and $0.600. Ability to break up the resistance level of $0.698 level may lead to price inclination towards the resistance level of $0.710, and $0.717.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The bears has pushed the price to the support level of $0.683 zone. It seems the bears’ momentum is becoming weak as the price is consolidating around the dynamic resistance. Bears are struggling to break down the $0.683 level which indicate that bears’ momentum is increasing.

AUDUSD is currently trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 39 levels and 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.