AUDUSD Trades Steady Beyond 0.6950 Level As Risk-On Mood Undermined the Safe-Haven USD

AUDUSD price Analysis – July 2

The AUDUSD pair stayed through the first half of Thursday’s trading activity beyond the 0.6950 marks, although lacking any firm bullish traction. The spike was supported by the prevalent risk-on mood that eroded the US dollar’s safe-haven and gained perceived riskier currencies, including the AUD.

Key levels
Resistance Levels: 0.7205, 0.7064, 0.6938
Support Levels: 0.6777, 0.6462, 0.5906
AUDUSD Long term Trend: Bullish
Taking a look at the daily AUDUSD chart we can see that beneath lies the moving average of 5 and 13 with the support of the trendline. Furthermore, bulls are watching the latest 0.7064-level high for a potential upside breakout.

Technically, a simple split beyond favors bulls heading toward the north. Afterward, though, RSI conditions may challenge the bulls. On the downside, the pair’s declines beneath 0.6900 level may recall sellers attempting 0.6878 support convergence including moving average 5 and 13 with an ascending trend line as of June 15.
AUDUSD Short term Trend: Ranging
AUDUSD remains in horizontal trading from level 0.7064 and intraday bias stays initially neutral. At least one more shift down is required to expand the correction form to 0.7064 level. It is important to note that under the overbought zone, the high RSI conditions raise the chances of the pair’s further upside.

On the downside, a breach of 0.6777 level may shift the downside bias from 0.5506 to 0.7064 at 0.6462 levels for 38.2 percent retracement.  Continued breach of 0.7064 level, however, may then revive the entire increase from 0.5506 level.

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