AUDUSD Retains Medium-Term Negative Tone Beneath 0.6900 Level

AUDUSD Retains Medium-Term Negative Tone Beneath 0.6900 Level

AUDUSD Price Analysis – June 18

AUDUSD drops from 0.6902 intraday high to 0.6837 during trading early Thursday. As such, for the third day in a row, the pair posts 0.40 percent losses on a day whilst still inducing the sellers. As lower Asian stocks weighed, the Australian dollar stays in red, and weak Australia’s job statistics added to the negative tone.

Key Levels
Resistance Levels: 0.7205, 0.7064, 0.6938
Support Levels: 0.6777, 0.6462, 0.5906
AUDUSD Long term Trend: Bullish
The AUDUSD pair developed on its stable intraday ascend and have lately renewed daily highs, with bulls presently attempting to increase the traction beyond the 0.6900 thresholds further. Any significant positive change is expected to face a heavy opposition to 0.6938 level near the horizontal line.

On the flip side, weakness beneath the level of 0.6878 seems to drag the pair down towards the daily swing lows, around the level of 0.6837, and next to horizontal support at 0.6777 level.
AUDUSD Short term Trend: Ranging
AUDUSD’s intraday tendency stays neutral as it continues to trade sideways. On the positive side, a firm 0.7031/64-level breach is required to confirm the continuation of the rising trend. Or else risk in the scenario of a turnaround may remain moderately on the downside.

On the negative, the 0.6684 level breach would expand the 0.7064 decline trend to 38.2 percent retracement from 0.5506 to 0.7064 at 0.6462 levels. Extensive sideways pattern may be anticipated if the pair persists to trade beyond the ascending trendline, but the bullish signal requires the breaking of horizontal resistance at 0.6938 level.

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Author : Azeez Mustapha


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