AUDUSD Slides Beneath 0.6500 Level As Risk Tone Weigh on the Aussie

AUDUSD Slides Beneath 0.6500 Level As Risk Tone Weigh on the Aussie

AUDUSD Price Analysis – April 30

The AUDUSD pair tumbled beneath the main 0.6500 psychological level to new daily lows, however, it quickly regained a few pips later. This combined with a lighter tone across the equity markets largely fuelled the relative safe-haven status of the greenback against the supposed potentially risky currency – the Australian dollar – and thus shared on the pair’s intraday plunge of around 80 pips.

Key Levels
Resistance Levels: 0.7031, 0.6878, 0.6612
Support Levels: 0.6434, 0.5959, 0.5506

AUDUSD Long term Trend: Ranging

There’s no obvious indication of a trend turnaround in the wider sense yet. The larger downward trend from the level 1.1079 (high) nevertheless supports the extension. Forecasts of 1.1079 to 0.6878 from 0.8135 to 0.5506 levels are already reached 61.8 percent.

There the continuous break opens the way to level 0.4773 (low)level. Furthermore, on the contrary, a persistent break of 0.6612 level may imply bottoming in the medium to long term and shift the emphasis to the next resistance level of 0.7031.

AUDUSD Short term Trend: Bullish

A partial high with retreat today may be established in AUDUSD at 0.6569 level. Intraday bias is first deemed bullish. A further increase may be considered highly soon as the support altered resistance level of 0.6434 stays intact. The turnaround may extend from 0.5506 to 0.6684 key-resistance levels beyond 0.6569 level.

Continuous breach of 0.6434 level on the downside may imply short-term highs on bearish divergence in 4 hour RSI. Furthermore, the intraday bias may be altered back to the downside for a 0.6265 support level.

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.