AUDUSD Price May Decline Further to Reach Demand Level of $0.665

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AUDUSD Price Analysis – August 05

The Bears may push the price to reach the demand level of $0.665 provided their momentum is maintained or increased.

AUD/USD Market

Key levels:

Supply levels: $0.682, $0.692, $0.701
Demand levels: $0.665. $0.648, $0.626

 

AUDUSD Long-term trend: Bearish

AUDUSD is bearish on the Long-term outlook. AUDUSD has been bearish for more than a week. The Bears were fully in control of the AUDUSD market. The Bears are not giving a chance for the Bulls. The price declined towards $0.682 last week, the level could not hold the price and it penetrated the level downside. Today, the Bears continue holding the market with the formation of the daily bearish candle and the price moved down towards the demand level of $0.665.

AUDUSD Daily chart, August 05

The price is trading below 21 periods EMA and 25 periods EMA at a farther distance to each other which indicates an increase in the bearish momentum. The Stochastic Oscillator period 14 is below 20 levels with the signal lines attempt bending up to indicate a strong buy signal. The Bears may push the price to reach the demand level of $0.665 provided their momentum is maintained or increased.

 

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish in the medium-term outlook. After the breakout at the former demand level of $0.692, the price continues decreasing towards the former demand level of $0.682. A strong massive bearish candle formed on August 01 penetrated the demand level of $0.682 and the price is declining to target $0.665 price level.

AUDUSD 4-hour chart, August 05

The price is trading below 21 periods EMA and 50 periods EMA and the two EMAs are following the direction of the price. The Stochastic Oscillator period 14 is at 25 levels with the signal lines pointing down to indicate a further reduction in price.

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About AzeezMustaph

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.