AUD/USD Price Prediction – May 2
Currently, the AUD/USD market activity decreases closer to the 0.70000 trading support line while the downward forces escalated, breaching more to the downward direction at 0.7200 during last week’s sessions. The price is presently trading within 0.7082 and 0.7032, showcasing a minus of about 50 pips difference as the market maintains a minimal negative percentage of 0.09.
AUD/USD Market
Key Levels:
Resistance levels: 0.7200, 0.7300, 0.7400
Support levels: 0.7000, 0.6900, 0.6800
AUD/USD – Daily Chart
The AUD/USD daily chart shows the market decrease closer to the 0.7000 support level as variant candlesticks are downward in sequential order. The 14-day SMA remains crossed to the downside to joining the 50-day SMA from the top. And they are above the current trading spot of the currency pair trade. The stochastic Oscillators are situated between the ranges of 20 and 0, moving in a firm consolidation manner to denote the market is under a bearish-trading condition until the present.
Will the AUD/USD trade continue to succumb to a downward force as the currency pair market decreases closer to 0.7000 support?
The AUD/USD trade, continuing to consolidate beneath a point around the 0.7100 level, will potentially witness more downs as the currency pair market decreases closer to 0.7000 support. There can only be a reliable signal against the current bearish motion if a bullish candlestick eventually emerges from the depth of a lower-trading zone at a point in time. Therefore, long-position takers needed to be on the lookout for that presumed scenario to materialize afterward before launching buying orders.
On the downside of the technical analysis, the AUD/USD market short-position takers should be wary of bringing new ordering positions into being to avoid unnecessary bears’ whipsawed trading conditions. That would have to be so as the market is currently trading in an extremely-oversold trading outlook.
The analytics, at a glance, as the AUD/USD market may continue to trade under a selling pressure condition if the price tends has to resist around the 0.7200 line to keep a consolidating trading mode. On the contrary, A sudden bounce-off against the value line will potentially end the current downward forces.
AUD/USD 4-hour Chart
The AUD/USD medium-term chart showcases the currency pair market decreases closer to the 0.7000 support level. It’s noteworthy that some attempts have to swing back northward at some trading points. But, all to no avail. However, those points are left instrumental to potentially mark them toward getting back the ups in returns in the near term when a rebound has to form afterward.
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