AUDUSD Renews Bears, Extend Slide Toward 0.6700 Level


AUDUSD Price Analysis – January 30

AUDUSD currency pair further declines during the American session on Thursday as the bitter market mood is affecting the sensitive Australian dollar. As of this writing, the pair was trading at its lowest level since late September at 0.6712, as it lost 0.6% daily.

Key Levels
Resistance Levels: 0.7085, 0.6933, 0.6827
Support Levels: 0.6700, 0.6670, 0.6620

AUDUSD Long term Trend: Bearish

Expectations for a corrective recovery in the Australian dollar for a higher extension was incorrect, as the Australian dollar fell to 0.6700 level before recovering. Momentum indicators are mostly neutral and the recent weakness in the Australian dollar appears to have stabilized.

We notice restricted downside risks and anticipate the Aussie to trade in a range like a manner for the time being, probably between 0.6723 and 0.6769 levels. However, the Australian dollar has not been out of sight just yet and the move past the 0.6827 level may indicate that the current weakness has stabilized.

AUDUSD Short term Trend: Bearish

The Australian dollar plunged versus the US dollar after brief consolidations and bias returned during the day down. The 0.7031 level decline is anticipated to continue the retest of the next 0.6670 level.

On the upside, above the 0.6769 level, minor resistance might change the daily bias neutral first. But the recovery may be contained below the support level of 0.6850, and the resistance has turned to bring another drop.

Instrument: AUDUSD
Order: Sell
Entry price: 0.6723
Stop: 0.6827
Target: 0.6670

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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.