AUDUSD Price: Will There Be a Further Decrease in Price?

Sellers’ momentum may increase

AUDUSD Price Analysis – 22 March

AUDUSD may drop below the $0.65, $0.63, and $0.62 support levels if sellers are successful in holding the $0.66 resistance level. When buyers get more momentum, the resistance level of $0.66 might be broken higher, and the price might then increase as a result of the upward momentum to levels of $0.68 and $0.70.

AUD/USD Market

Key levels:

Resistance levels: $0.66, $0.68, $0.70

Support levels: $0.65, $0.63, $0.62

AUDUSD Long-term Trend: Bearish

AUDUSD is on a bearish movement in daily chart. The resistance level of $0.71 was tested on February 2nd. The small Double Top chart pattern is seen at the same level as before. This could mean that market bears are about to lose their cool. Price dropped after rising over the previously mentioned significant resistance level. Price is currently targeting $0.65 after falling below recent support levels of $0.68 and $0.66.

 

The currency pair is currently trading below both the 9-period and 21-period exponential moving averages, indicating a downward trend. Price may drop below the $0.65, $0.63, and $0.62 support levels if sellers are successful in holding the $0.66 resistance level. When buyers get more momentum, the resistance level of $0.66 might be broken higher, and the price might then increase as a result of the upward momentum to levels of $0.68 and $0.70.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. On January 26, the price had to try to break through the $0.71 barrier level because of the strong positive trend. It retreated in an effort to maintain the $0.70 support level. The price tested the previous high at $0.71 the next day due to increased buyer pressure, which led to the formation of the double-top chart pattern. It began to deteriorate after dropping below the $0.66 and $0.68 thresholds.

The 9-period and 21-period exponential moving averages are being traded below by the AUDUSD. A sell signal is shown by signal lines that are declining and the Relative Strength Index period 14 dropping to 48 levels.

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