The AUDUSD pair has remained under pressure, driven by disappointing Australian employment data and the strengthening USD. More fundamental data is expected to emerge as the week progresses, potentially adding further momentum to price movements.
Key Price Levels:
Resistance Levels: 0.6700, 0.6800, and 0.6900
Support Levels: 0.6600, 0.6500, and 0.6400
AUDUSD Likely to Crack the Support at 0.6600
For about three sessions, the AUDUSD market has been trending lower. Recent price action shows that the market has been ranging above the merged 100 and 200-day EMA lines. Nevertheless, it appears the market may drop lower due to the negative fundamentals surrounding the base currency.
Furthermore, the MACD lines are still above the equilibrium level but are trending downward. Additionally, the indicator bars remain red for the current session. Technically, this suggests that downward forces remain dominant and will likely cause further declines.
AUDUSD Price Decline Appears to Be Strengthening
The behavior of AUDUSD price movement on a 4-hour chart indicates that downward forces are likely to remain dominant, potentially pushing the market below the 0.6600 mark. In this time frame, price action has fallen below all the EMA lines, giving more power to the bears.
Additionally, the MACD lines have now fallen below the equilibrium level, with its bars appearing solid red below the centerline. Since price action is now approaching the psychological support at the 0.6600 level, it is reasonable to presume that a possible reversal might occur below this level, potentially towards the 0.6550 mark.
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