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Forex Trading: AUDUSD Is Trending Downwards, and This May Continue

AUDUSD Price Analysis – April 22

The bearish engulfing candle formed on April 18 and this declined the price towards the low of $0.711. In case the Bears break down the $0.711 demand level, it will target $0.706 demand level. Should the Bears defend $0.711 demand level, AUDUSD may continue its uptrend movement.

AUD/USD Market

Key levels:

Supply levels: $0.718, $0.722, $0.728
Demand levels: $0.711, $0.706, $0.701

 

AUDUSD Long-term trend: Ranging

AUDUSD is on the sideways movement on the daily chart. The tweezer bottom candle pattern formed on April 3 triggered the bullish momentum for cryptocurrency exchanges which broke up the $0.711 price level and pushed the currency pair to the high of $0.718. The Bulls lost the momentum at the level and the price started consolidating for three days within the ascending triangle formed. The bearish engulfing candle formed on April 18 and this declined the price towards the low of $0.711.

AUDUSD Daily chart, April 22

AUDUSD is currently trading on the 21 periods EMA and 50 periods EMA in which the two EMAs are fairly separated from each other. Meanwhile, the Stochastic Oscillator period 14 is at 60 levels bending down to indicate sell signal. In case the Bears break down the $0.711 demand level, it will target $0.706 demand level. Should the Bears defend $0.711 demand level, AUDUSD may continue its uptrend movement.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the medium-term outlook. The bullish trend that started on April 2 made the currency pair rallied to the north and placed the price above the supply level of $0.718. The bearish inside bar candle pattern formed indicates the increase in bearish momentum; this dropped the price to $0.711 price level.

AUDUSD 4-hour chart, April 22

AUDUSD price is already trading below the 50 periods EMA and the 21 periods EMA; the latter is trying to cross the former as a bearish trend confirmation.

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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.