AUDUSD Stays Beneath Sub 0.7400 As the Market Anticipates US Data

AUDUSD Price Analysis – August 12

After a minor recovery within its relatively close territory in the prior day, the AUDUSD is currently trading around lows near the sub 0.7400 level. On Thursday, the pair falls as it fails to maintain the previous session’s upward momentum. Traders are currently waiting on the US Initial Jobless Claims and Producer Price Index (PPI) to provide new trading momentum.

Key Levels
Resistance Levels: 0.7557, 0.7476, 0.7389
Support Levels: 0.7289, 0.7220, 0.7150
AUDUSD Long term Trend: Ranging
For the third week in a row, the AUDUSD has been trading steadily inside the 0.7289–0.7426 band, at the base of a near-term decline, with mild upswings above the moving averages (MA 5 and 13). The price is supported at the 0.7300 lows on the daily chart, and it is trading in a sideways range. The 0.7426 level establishes a difficult-ranging zone.

After overcoming this, the AUDUSD may be limited in its advance to the high level of 0.7450 before attempting the July 6 high of 0.7600 and the neighboring horizontal barrier of 0.7616. The bullish bounce in the pair still needs more data to be confirmed. That is, it could simply be a correction inside the long-term higher trend.
AUDUSD Short term Trend: Bearish
The AUDUSD is currently trading in a range after holding a minor support level of 0.7289. To begin with, intraday bias is unchanged. Breaking past the 0.7389 resistance level, the recovery from the 0.7289 level could proceed on the upside. This would also mark the end of the 0.7600 level correction.

A further surge in this circumstance might lead to a retest of the 0.7600 heights. A firm violation of the 0.7300 level, on the other hand, might suggest a resumption of the correction from the 0.7600 level. Beneath 0.7300, the intraday tendency will shift to the downside, with short-term support at 0.7250.

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