AUD/USD Market Reverses Southward at 0.7000

AUD/USD Price Prediction – AUGUST 7
The AUD/USD market reverses southward after stretching northward to hit resistance around 0.7000 in recent past operations. Price is about ninety pips gone to the downside from the value line as it features at 0.6910 at a minimal 0.82% negative.

AUD/USD Market
Key Levels:
Resistance levels: 0.7050, 0.7150, 0.7250
Support levels: 0.6850, 0.6750, 0.6650

AUD/USD – Daily Chart
The AUD/USD daily chart reveals the currency pair market reverses southward after it hit resistance around 0.7000. The horizontal remains drawn at the 0.6700 level to markup the point from where the price has sprung in the previous trading activities. The 14-day SMA indicator is around 0.6924 below the value line of the 50-day SMA indicator at 0.7036. The Stochastic Oscillators have crossed southbound from the overbought region, closely touching the range of 40. They are still somewhat pointing to the south side.
Will there be a furtherance of correction in the AUD/USD market beyond its current trading level afterward?
The current trading outlook suggests a sell signal has been established around the 0.7000 level for bears to ride on the AUD/USD market for a while. As the currency pair market reverses southward from around the value line, long-position takers should be wary of executing new selling orders.

On the downside of the technical, the AUD/USD market bears have to intensify efforts to ensure the breakdown of the 14-day SMA indicator is possible in its current correctional motion. Should that assumption be, some declining forces will play out to the extent of seeing the market running below 0.6925 in the following operations.

The analytics, at a glance, the overriding verdict in the AUD/USD market operation has some downs that will materialize underneath the 0.7000 resistance level for some time.
AUD/USD 4-hour Chart
The AUD/USD medium-term chart portrays the currency pair as relatively in a bullish outlook. But, it has appeared the currency pair market reverses southward at 0.7000, having breached past it briefly initially. The Stochastic Oscillators have moved southbound closely to the range of 20. And they are now trying to cross the lines back northbound, indicating the downward force is getting a relaxation. Price may have to move upward again for a test of resistances between 0.6950 and 0.7000 before running back into a downward-trending move afterward.


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