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Forex Trading: AUDUSD Is Heading Towards $0.69 Level

AUDUSD Price Analysis – May 06

The currency pair is currently exposed to the demand level of $0.69 in which the Bears may push the price to reach the level. In case the $0.69 level holds, the price may bounce and rally towards the previous high.

AUD/USD Market

Key levels:

Supply levels: $0.701, $0.711, $0.722
Demand levels: $0.692, $0.680, $0.670

 

AUDUSD Long-term trend: Bearish

AUDUSD maintains a downtrend on the daily chart. A daily Doji candle formed on April 25 at $0.701 signaled to the market as a bullish reversal pattern. The price then pulled back towards the dynamic resistance level of 21 periods EMA. AUDUSD pair resumed the bearish movement on April 30. The Bears pressure dropped the price below the $0.70 price level. Today, the AUDUSD market opened with a bullish candle which may be a pullback to the bearish trend.

AUDUSD Daily chart, May 06

The pair is trading below the 21 periods EMA and 50 periods EMA with the former remains below the later as a sign of a bearish trend. Meanwhile, the Moving Average Convergence Divergence period 12 with its histogram is below zero levels with the signal pointing down to indicate sell signal. The currency pair is currently exposed to the demand level of $0.69 in which the Bears may push the price to reach the level. In case the $0.69 level holds, the price may bounce and rally towards the previous high.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the medium-term outlook. The currency pair experienced a bearish jump/gap at the opening of the market today on the 4-hour chart. The Bears pushed the currency pair downward towards $0.692 price level. After that, there was a bullish pullback and the price started consolidating.

AUDUSD 4-hour chart, May 06

The price remains below the two EMAs and the Moving Average Convergence Divergence period 12 is at zero levels with the signal lines flat at the level which indicates that consolidation is ongoing in the AUDUSD market.

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      Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

      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.