AUDUSD Stays Mildly Beyond the 0.6000 Level As USD Turns Supported Amid Risk-Off Tones

AUDUSD Stays Mildly Beyond the 0.6000 Level As USD Turns Supported Amid Risk-Off Tones

AUDUSD Price Analysis – April 2

The AUDUSD has struggled to stay slightly beyond the level of 0.6000 as a positive tone of pausing US equities and dollar bulls, inflating risk-sensitive Aussie, overriding rebound by increasing strength. Right now, on selling bias, the 0.6000 level may still buffer and yet the risk-reward may support a shift beneath 0.6000.

Key Levels
Resistance Levels: 0.7031, 0.6684, 6266
Support Levels: 0.6000, 0.5701, 0.5506

AUDUSD Long term Trend: Ranging

In the broader context, the decline in AUDUSD from 0.8135 (high) level remains progressing. It is part of the larger downward trend from 0.7031 (high) level. The forecast of 61.8 percent from 0.7205 at 0.5506 levels of 1.1079 to 0.6878 is already achieved. There’ll be a steady break paving the way to the level of 0.4773 (low).

On the upside, a break of 0.6684 support turned resistance level is anticipated to indicate a bottoming of medium to long term. Without it, even in the event of a strong rebound, the pattern may stay bearish.

AUDUSD Short term Trend: Ranging

At this moment, the intraday bias in AUDUSD stays neutral. We may probably expect heavy resistance from a retracement of 61.8 percent from 0.6684 to 0.5506 at 0.6266 levels to contain upside to end the corrective increase from 0.5506 level.

On the downside, a break of 0.5900 minor support level may shift bias back to the downside for initially re-testing 0.5506 low level. Steady break of 0.6266 level, though, may weaken immediate bearish scenario and shift attention back to the resistance level of 0.6684
.
Instrument: AUDUSD
Order: Sell
Entry price: 0.6087
Stop: 0.6148
Target: 0.6000

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.