AUD/USD Trade Operation Dumps at 0.7400

AUD/USD Prediction – August 9
The AUD/USD trade operation dumps after hitting resistance around the level of 0.7400. The currency pair market records a percentage rate of about -0.26 to trade around the line at 0.7333.

AUD/USD Market
Key Levels:
Resistance levels: 0.7400, 0.7500, 0.7600
Support levels: 0.7200, 0.7100, 0.7000

AUD/USD – Daily Chart
The AUD/USD daily chart shows that the currency pair trade operation dumps at 0.7400 due to the inability of the price to surge past the resistance line mentioned earlier. The dumping movement began during the August 6th trading session. And, the downward force is in a gradual moving manner, getting heightened. The bearish channel trend lines are yet intently drawn to guide along the southward path that the currency pair may be keeping. The 50-day SMA is over the 14-day SMA that trends alongside the upper bearish channel trend-line. The Stochastic Oscillators have crossed the lines southbound slightly against the range at 80. That suggests that a downward force is taking control of the currency pair market.
Will the AUD/USD currency pair keep on further with the trade operation dumps?
It is most likely that the AUD/USD currency pair keeps pushing southward further with the trade operation dumps. However, the market may find breaking past support at 0.7300 difficult. That can later cause a pause coupled with a line of range price movements. If at that point, a bearish candlestick suddenly resurfaces against it, then bulls will have to be on the lookout for settling support around the immediate support line.

On the downside, the AUD/USD bears now have to hold their presence in the market firmly under the resistance line of 0.7400. They needed to capitalize on the slight downward force to push through some supports in the bearish channel trend lines. The reading of the Stochastic Oscillators suggests that the market likely downturn economically in the near time.

Summarily, it still appears that the AUD/USD market is dominated by downward pressures. Therefore fore, traders are to look out for decent sell entries against buying positions for the time being.
AUD/USD 4-hour Chart
It more distinctively featured on the AUD/USD medium-term chart that the currency pair trade operation dumps in definite bearish channel trend lines. The 50-day SMA indicator is a bit above the 14-day SMA indicator as to the upper bearish channel trend-line tight at the tail end of the smaller SMA. The Stochastic Oscillators have moved up from the oversold region. But, they have now closed the lines at range 20 in an attempt to point southbound. That indicates that the price may most likely decline further in the near session.


Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.