AUDUSD Recovery Stalls Move Beneath Mid-0.6700 Amid Fresh Coronavirus Concerns

AUDUSD Recovery Stalls Move Beneath Mid-0.6700 Amid Fresh Coronavirus Concerns

AUDUSD Price Analysis – February 13

The AUDUSD pair sank lower on Thursday and is currently near the lower end of its daily trading range, just above the 0.6700 level. The pair stopped the recent recovery from a low of a decade and on Thursday came under some pressure from sellers amid new fears about the outbreak of the deadly coronavirus.

Key Levels
Resistance Levels: 0.7085, 0.6878, 0.6777
Support Levels: 0.6670, 0.6600, 0.6570

AUDUSD Long term Trend: Bearish

Oscillators on the daily chart indicate a bearish signal, although they are recovering from the lows, they still hold on to bearish territory and require some caution before making any aggressive bullish risk.

A rollback from the six-week resistance line, which is now at 0.6750 level, pulls the AUDUSD price to 0.6700 level before highlighting a monthly low near 0.6670 levels. Therefore, it would be wise to wait for some strong follow-up bulls, possibly outside the horizontal level mentioned near the middle of 0.6700 level to confirm any further
appreciation.

AUDUSD Short term Trend: Bearish

The intraday bias in AUDUSD remains neutral in the first place, and a significant drop is expected as long as the resistance level of 0.6774 holds. On the other hand, a decisive breakthrough of the low of 0.6670 level may verify the resumption of a downtrend.

However, on the other hand, a breakout of the resistance level of 0.6774 may indicate a short-term fall and a stronger rebound.

Instrument: AUDUSD
Order: Sell
Entry price: 0.6723
Stop: 0.6777
Target: 0.6670

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.