AUDUSD Retreats Further Beneath Mid 0.7100 Level, Posts Session Low

AUDUSD Price Analysis – July 30

The AUDUSD pair added, however during the early European session, to existing intraday losses and renewed daily lows around the 0.7140-35 zone. The Australian dollar further retreated from the recent 15-month high (0.7196) level as investors made gains after buyers were unable to crack the barrier of 0.7200 round-level. New weakness has led to a greater than anticipated decline in Australia’s exports and imports in Q2 and suspected cases of coronavirus.

Key Levels
Resistance Levels: 0.7295, 0.7254, 0.7200
Support Levels: 0.7100, 0.7064, 0.6777
AUDUSD Long term Trend: Bullish
The daily MAs and RSI have corrected from the overbought territory and travel south, while bullish traction is declining and reinforcing near-term picture. Larger bulls perceive present weakening as preparing forward of intensified aim at level 0.7200, with initial support at level 0.7100 (ascending trendline peak) and level 0.7064 (higher low July 24).

Prolonged declines may not surpass horizontal support to hold bulls intact at 0.7031 level. Conversely, a good ascent over the peak of 15 months (level 0.7196) might pave the way up to the resistance level of 0.7295, drawn from the peak of February 2019. After that, the hurdle of 0.7395 level, defined by the December 2018 high, may draw attention next.
AUDUSD Short term Trend: Bullish
After notching higher to 0.7196 level, AUDUSD retreated again and the intraday bias is altered neutral again. As long as 0.7064 support level holds, a further increase is predicted. The increase from 0.5506 level to long-term resistance level at 0.7295 next will continue beyond 0.7196 level.

Conversely, on the downside, a strong breach of 0.7064 support level might well imply topping for the short term. Instead, the intraday bias is switched back to the downside for a support level of 0.6777. Overall, in the short to medium term image, AUDUSD retains a bullish phase.

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