AUDUSD Tumbles As Bears Reach Out for Fresh Lows

AUDUSD Price Analysis – June 17

During Thursday’s mid-European session, the AUDUSD fell significantly. The pair tumbles toward the sub-0.7500 minor support zone, which was formed by the previous month’s lows. The early rally, on the other hand, was short-lived and fizzled out fast on continued US dollar buying interest.

Key Levels
Resistance Levels: 0.7980, 0.7775, 0.7645
Support Levels: 0.7557, 0.7461, 0.7220
AUDUSD Long term Trend: Ranging
The AUDUSD pair has been consolidating near the sub-0.7600 line on the daily chart, which coincides with a multiple support formation. The price structure remains bearish, indicating some trepidation among AUDUSD bulls. The Aussie pair’s immediate upside is protected by the June 03 low near 0.7645.

For the AUDUSD, the ascending trendline from the low of 0.7000 serves as a sturdy support ground. If the pair fails to hold above the session’s low of 0.7570, it could continue to fall. The initial goal would be met at the horizontal support level of 0.7557, followed by the low of April 1 at 0.7531.
AUDUSD Short term Trend: Bearish
As the slide from 0.7890 resumes through 0.7645 level, the intraday bias in the AUDUSD has shifted again to the south. This is the third phase of the corrective pattern that began with 0.8006. A further drop to the 0.7531 support level and below is expected.

On the upside, a break of the 0.7775 resistance level will signal the end of the decline. In the event of a rebound, the risk will remain on the negative. However, as long as 0.7413 resistance turned support persists, the short-term rally is projected to continue. Following Thursday’s drop, the pair has taken on a bearish stance.

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