AUD/USD Market Stays in Depression

AUD/USD Prediction – August 2
The AUD/USD market stays in depression as the currency pair’s price hovers around the level of 0.7357 as of writing. The fiat pair records a percentage rate of around 0.21.

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 reveals that the currency pair’s market stays in depression within the bearish channel trend-lines drawn downward the SMA trend-lines. The 50-day SMA indicator is above the 14-day SMA indicator above the downward trading zone of the currency pair. The Stochastic Oscillators have seemingly closed the lines tightly alongside the range of 80. That could mean that a downward motion is in the loom.
Could there soon be a visible downward force as the AUD/USD market stays in depression?
The currency pair’s market level at 0.7400 appears to be the barrier around which the AUD/USD bulls have to breach past to the north to be able to stage strong supports afterward while they aim pushes to the upside. Failure to have just that assumption to play out, a downward motion will have to continue to take center stage of trading as stipulated in the well-defined bearish channel trend lines.

On the downside, the chance of the AUD/USD market bears still has the advantage to push against the strength of bulls. The presence of the Stochastic Oscillators around the range of 80 with an attempt to close the lines indicates that a downward movement may soon occur in the currency pair. Traders are to back up their entry of positions with price action while an upward rejection is spotted.

Summarily, it appears that the selling trading situation will still prevail in the AUD/USD operations until a while. A sudden pull-up lacking the power of sustainability around the level at 0.7400 will suggest seeing more downs in continuation within the bearish channel trend lines drawn.
AUD/USD 4-hour Chart
The AUD/USD 4-hour chart depicts that the market stays in depression also in definite-bearish channel trend-lines. The bigger SMA trend-line moves alongside the upper bearish channel trend-line. The 14-day SMA indicator is closely beneath the 50-day SMA indicator. They all bend southward to indicate that bears have continued, taking control of the market over a couple of sessions. The Stochastic Oscillators have crossed the lines northbound from the oversold region to touch the range at 40. That suggests that bulls are somewhat striving to make a come-back.


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