AUDUSD Price May Bounce Up at $0.68 Support Level

Updated:

AUDUSD Price Analysis – June 15

Ability to break down the support level of $0.69 level may lead to price decline towards the support level of $0.66 and $0.65. The closing of daily candle above $0.69 level by the bulls may push the price to test the resistance levels of $0.70 and $0.71.

AUD/USD Market

Key levels:

Resistance levels: $0.69, $0.70, $0.71

Support levels: $0.68 $0.66, $0.65

AUDUSD Long-term trend: Bearish

AUDUSD is bearish on the daily chart. The currency pair was bullish last week. The buyers’ momentum pushed the price to the resistance level of $0.73. The bulls’ momentum fails and the price consolidates for two days. On June 09, a daily bearish candle formed which indicate an increase in the bears’ momentum. The price declines to the support level of $0.68. The mentioned level was tested on June 14. The price is trying to pull back at the moment.

 The 9 periods EMA is crossing the 21 periods EMA downside and AUDUSD price is trading below the two EMAs which indicate that bears’ momentum increases. The relative strength index period 14 is at 38 levels and the signal lines pointing up displaying bullish direction. Ability to break down the support level of $0.69 level may lead to price decline towards the support level of $0.66 and $0.65. The closing of daily candle above $0.69 level by the bulls may push the price to test the resistance levels of $0.70 and $0.71.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The bullish trend was rejected at the resistance level of $0.73 this made the price to consolidate within the support level of $0.71 and $0.73 levels. A bearish engulfing candle formed and the price decreases to test the support level of $0.68. The bearish momentum is failing as more bullish candles are producing.

AUDUSD is currently trading between the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 40 levels and the signal lines pointing up to indicate a buy signal.

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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.