AUDUSD Price: Will There Be a Bullish Reversal at $0.683 support Level?

Updated:

AUDUSD Price Analysis – August 31

The closing of daily candle above $0.698 level by the bulls may push the price to test the resistance levels of $0.710 and $0.717. Ability to break down the support level of $0.683 level may lead to price declination towards the support level of $0.674, and $0.600.

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. The sellers are still holding unto Australlian dollar market. Bearish trend continues in the AUDUSD market as more bearish candles emerges. Last week, the price move within the $0.968 and $0.683 levels. An increase in the Bears’ pressure may lead to further decrease in price below $0.683.

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 43 levels and the signal lines pointing down displaying bearish direction. The closing of daily candle above $0.698 level by the bulls may push the price to test the resistance levels of $0.710 and $0.717. Ability to break down the support level of $0.683 level may lead to price declination towards the support level of $0.674, and $0.600.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. There was no significant movement in the AUDUSD market last week; the price range within the $0.968 and $0.683 levels. However, Sellers still hold onto the market as more bearish candles were produced.

AUDUSD is currently trading below the 9 periods EMA and 21 periods EMA as an indication of bearish momentum. The relative strength index period 14 is at 43 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.