AUDUSD Pullback From the Recent High Towards Breaking of 0.6900 Level


AUDUSD Price Analysis – June 11

Through the mid-European session, the AUDUSD pair retained its heavily supply tone and is seen trading near daily lows, around 0.6915-10 levels. The pairs pullback from high has been sustained towards the 0.6900 level breach, as sellers may now look to further advance the plunge.

Key levels
Resistance Levels: 0.7205, 0.7031, 0.6938
Support Levels: 0.6878, 0.6402, 0.5906
AUDUSD Long term Trend: Bullish
The Aussie was unable to take over the high level of 0.7031 but meanwhile, AUDUSD stays in a near-term phase of consolidation once again after reversing beneath the high level at 0.7031, as the market starts to loosen up its overbought RSI traction. Near-term AUDUSD resistance is 0.6938 level, then 0.7031, up from 0.7205 level.

In due course, an imminent split beyond may further strengthen the perception of a larger trend toward the upside. A fall beneath 0.6878 level may see the creation of a minor top and a drop back below the moving average of 13 at 0.6684 level, where we foresee a concerted attempt to continue.
AUDUSD Short term Trend: Bullish
In the meantime, technical indicators on the 4-hour chart have just begun to drift into the bearish territory and support the potential for further weakness. Additionally, whenever the decline confirms to be short-lived, with the pair probably striking the ground beneath 0.6878 level, the focus may shift to the resistance zone of 0.7031 once more.

To summarise, in the short term, AUDUSD is expected to remain under pressure, with the level of 0.6878 likely trying to add some footing. A rebound beyond the level of 0.7031 may put the pair back on the good trajectory in both short and medium-term timeframes.

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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.