AUD/USD Prediction – June 28
The AUD/USD market operation embarks upon a recovery move after witnessing a significant decline. The currency pair’s worth now trades around a level of 0.7589 at a rate of 0.05 percent.
AUD/USD Market
Key Levels:
Resistance levels: 0.7700, 0.7800, 0.7900
Support levels: 0.7500, 0.7400, 0.7300
AUD/USD – Daily Chart
Despite the notable line of price recovery moving mood in the AUD/USD trading activities, the daily chart reveals that the market’s trend is still bearish. The bearish channels have drawn to showcase the path that price has potentially kept for decent entry. Presently, the 50-day SMA indicator has been crossed to the southward by the 14-day SMA trend-line. And, they are over the current trading zone of the market closely below the upper bearish channel trend-line. The Stochastic Oscillators have moved northbound from the oversold region to in between ranges of 40 and 80. They now seemingly attempt to cross the lines to suggest a pause in the near session.
Will the AUD/USD market still trade within the current bearish trading channel boundaries?
It is most likely that the AUD/USD market will still keep trading within the bearish trading channel boundaries in the near sessions The current recovery moves needed to get exhausted between 0.7600 and 0.7700 before a more reliable resistance point could achieve for a sell order. Decent buying entries have to suspend until the price draws down toward the values of 0.7500 or 0.7400 at a later session.
On the downside, some pressures would have to feature around the trend lines of SMAs as they are close to the upper bearish channel trend-line. The point could be underneath the market line of 0.7700. Traders should allow rejections to occur coupled with price action before a decent sell order could exert.
Summarily, the currency pair may move into a bearish trend while it manages to hit a resistance point between the values of 0.7600 and 0.7700 at a later session. However, following the current recovery movement of the market to the upside could be riskier especially, while the price breaks out at the level of 0.7600 with a reversal move.
AUD/USD 4-hour Chart
There has been a long line of price recovery moving mood on the AUD/USD medium-term chart. The 50-day SMA indicator is over the 14-day SMA trend-line. The bullish trend-line drew underneath the smaller SMA to show the path of recovery that the currency pair has been keeping. Presently, a couple of candlesticks are being formed closely on the buy signal side of the smaller SMA. The Stochastic Oscillators are in the oversold region with closed lines. Price will probably push northbound further in a serial moving style. All in all, a bearish trend appears looming.
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