AUDUSD Rebounds From Low, Holding on to Gains Close to the Level at 0.6600

AUDUSD Price Analysis – February 27

The AUDUSD pair capitalized on a large USD weakness, after reaching its lowest price level on Wednesday in over 10 years at 0.6540 level while holding on to recent gains on Thursday, the FX pair rebounded, going up by 0.55% daily and presently at 0.6585 level.

Key Levels
Resistance Levels: 0.7085, 0.6878, 0.6750
Support Levels: 0.6540, 0.6479, 0.6000

AUDUSD Long term Trend: Bearish

AUDUSD fluctuates around the lows of the decade, trading beneath the main daily simple moving averages of 5 and 13. In the long-term trend, the decline in AUDUSD from 0.7085 (high) level is still ongoing. This is part of a larger downtrend from 1.1079 (high) level.

The rejection of the upper horizontal resistance line at 0.6750 level confirms the long-term bearish sentiment. The next target is 0.6008 (low) level. The tendency may remain bearish, while the resistance level of 0.7031 stays unchanged, even in the case of a strong rebound.

AUDUSD Short term Trend: Bearish

AUDUSD intraday bias stays on the downside for now. The current downtrend may be aimed at 100% forecasting from 0.6938 to 0.6670 from 0.6750 at the levels of 0.6479 in the following.

On the other hand, above 0.6600 level, near-term resistance may change the neutrality of the intraday bias and again cause consolidation before starting a further decline.

Instrument: AUDUSD
Order: Buy
Entry price: 0.6540
Stop: 0.6479
Target: 0.6670

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