AUDUSD Reverses Course After Hitting a Near Two-Week High at 0.7186

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AUDUSD Price Analysis – December 9

The AUD/USD pair continued its steady intraday decline throughout the session, dropping to a new daily low at the time of analysis around the 0.7140-35 level. The advent of fresh US dollar demand was a crucial element that placed pressure on the AUDUSD pair as markets looked beyond better Chinese inflation numbers.

Key Levels
Resistance Levels: 0.7300, 0.7250, 0.7200
Support Levels: 0.7100, 0.7050, 0.7000
AUDUSD Long term Trend: Bearish
During the session, the AUDUSD broke through a minor support level of 0.7150. A breakdown is a sell signal, with a target of 0.7100 and possibly as far as solid support at 0.7050 for near-term profit-taking. In all likelihood, the AUDUSD exchange rate might continue to fall over the next trading session.

The 0.7050 level could be a potential target for bears. While the retracement from the 0.7186 level is still happening, there isn’t enough data to confirm a positive trend reversal at this time. That is, it could just represent a reversal of the long-term consolidation tendency. On the plus side, a bullish comeback above the 0.7160 mark will restore buyer confidence.
AUDUSD Short term Trend: Bearish
The momentum indicators on the 4-hour time frame, on the other hand, are currently pointing to a continued sell-off in the near term. The RSI is reverting to its midlevel of 50, while the 4-hour moving averages 5 and 13 are dropping and rising above price while remaining in the negative zone.

However, if the market closes over the small resistance at 0.7150 in the next sessions, it might stoke buying interest and confirm further rises towards the 0.7200 hurdles, which are might start a fresh rally. If there is a strong rebound, the 0.7300 barriers, which were identified as resistance, could be the next target.

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