AUDUSD grapples to extend recent recovery amid weaker bulls

At the time of the writing, AUDUSD flashes red as it seemed to struggle to gain any significant traction, although it was able to hold its neck comfortably above the 0.6550 marks. A fresh wave of global risk-aversion trade weighed on the perceived riskier currency Aussie and contributed to the downward trend through Thursday’s mid-European session.

Key Levels
Resistance Levels: 0.7085, 0.6803, 0.6670
Support Levels: 0.6540, 0.6434, 0.6000

AUDUSD Long term Trend: Bearish

The overall trend in AUDUSD stays unaltered as corrective recovery from the level at 0.6434 is underway. We will continue to anticipate strong resistance to contain upside from the level of 0.6670 cluster resistance (38.2 percent retraction from 0.7031 to 0.6434 at 0.6670) levels.

A break of 0.6509 minor level of support, however, may alter bias to the downside to re-test 0.6434 low level. However, a break of 0.6670 level may lead to a stronger rectification advance to a retraction of 61.8 percent at 0.6803 level.

AUDUSD Short term Trend: Ranging

A trade through 0.6567 level may alter the key pattern to the downside on the flip side of the 4-hour time frame. A step-through here will signal the downtrend to restart.

The short term range is between 0.6777 and 0.6434 levels. The AUDUSD is currently trading at 0.6600 to 0.6644 level inside its retracement range. The near-term direction of the AUDUSD may be decided by market reaction to this zone.

Instrument: AUDUSD
Order: Buy
Entry price: 0.6600
Stop: 0.6434
Target: 0.6670

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.