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AUDUSD Is Trending Downwards, Targeting $0.680 Level

AUDUSD Price Analysis – June 17

The demand level of $0.692 level did not hold. The price penetrated and the pair move down towards $0.680 level. AUDUSD price may reach the demand level of $0.680 in case the Bull does not interrupt the bearish movement.

AUD/USD Market

Key levels:

Supply levels: $0.692, $0.701, $0.711
Demand levels: $0.680, $0.665, $0.648

 

AUDUSD Long-term trend: Bearish

AUDUSD is bearish on the daily chart. Last two weeks, AUDUSD price was bullish and the bullish pressure placed the price at $0.701 level. The Bulls were unable to break up the mentioned level and the price reversed under the pressure of the Bears. A strong bearish engulfing candle was produced and this empowers the Bears to push the price down towards $0.692 level. The demand level of $0.692 level did not hold. The price penetrated and the pair move down towards $0.680 level.

AUDUSD Daily chart, June 17

The AUDUSD price has penetrated the 21 periods EMA and 50 periods EMA downside, thereby trading below the two EMAs. The stochastic Oscillator period 14 is below 20 levels and the signal lines pointing down to indicate a further reduction in AUDUSD price. AUDUSD price may reach the demand level of $0.680 in case the Bulls do not interrupt the bearish movement.

AUDUSD medium-term Trend: Bearish

AUDUSD 4 hour chart, june 17

AUDUSD is bearish in the medium-term outlook. The Bulls’ momentum became weak after the price touched the supply level of $0.701, pulled back and retested the level the second time. That led to the formation of a double top pattern on the 4-hour chart. The Bearish momentum was increased and the price rolled down towards $0.680 level after $0.692 level was penetrated.

The price is trading below the 21 periods EMA and 50 periods EMA, the former EMA has crossed the later downside as a sign of a bearish trend. The Stochastic Oscillator period 14 is below 20 levels with the signal lines pointing down which indicates sell signal.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.