AUDUSD Is Declining Towards $0.692 Levels

AUDUSD Is Declining Towards $0.692 Levels
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AUDUSD Price Analysis – July 09

The market closed yesterday with a daily bearish candle. Today, the market has opened with another bearish candle below the two EMAs which indicate that the Bears are in control of the AUDUSD market.

AUD/USD Market

Key levels:

Supply levels: $0.701, $0.711, $0.722
Demand levels: $0.692, $0.682, $0.665

 

AUDUSD Long-term trend: Bearish

AUDUSD is bearish on the daily chart. The supply level of $0.701 was penetrated last week but the bullish momentum became weak and the price could not increase further. A bearish reversal candle pattern called Evening star formed at the mentioned level. AUDUSD price started fallen under the bearish pressure. The market closed yesterday with a daily bearish candle. Today, the market has opened with another bearish candle below the two EMAs which indicate that the Bears are in control of the AUDUSD market.

AUDUSD Daily chart, July 09

The price has broken down the 21 periods EMA and 50 periods EMA downside currently trading below the two EMAs. There is a tendency for the price to reach the demand level of $0.692 as the Bears increase their pressure. Meanwhile, the Stochastic Oscillator period 14 is below 75 levels with the signal lines point down to indicate sell signal.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish in the medium-term outlook. Bearish momentum continues in the AUDUSD market in the 4-hour chart. The bullish momentum was exhausted immediately it broke up the $0.701 supply level. The Bears took over after the formation of the inverted pin bar, the price is declining down towards the $0.692 demand level.

AUDUSD 4-hour chart, July 09

The price is trading below the 21 periods EMA and 50 periods EMA, the 21 periods EMA. The Stochastic Oscillator period 14 is below 20 levels with the signal lines pointing down which indicates a strong sell signal.

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About AzeezMustaph

> 190 Articles
Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management

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