AUD/USD Price Prediction – June 6
There have been rallying motions in the AUD/USD market operations. But, presently, the currency pair trade appears, getting exhaustion in its northward force. Price is trading around 0.7228 at a minimal 0.31 percent positive.
AUD/USD Market
Key Levels:
Resistance levels: 0.7300, 0.7400, 0.7500
Support levels: 0.7100, 0.7000, 0.6900
AUD/USD – Daily Chart
The daily chart showcases that the currency pair trade appears, exhausting northward force in the bullish channel trend lines drawn against the SMA trend lines. The 14-day SMA indicator is underneath the 50-day SMA indicator. The Stochastic Oscillators are in the overbought region, moving in a consolidation manner. A bearish candlestick has formed, spanning from a resistance point around the 0.7300 level to denote a barrier occurred against seeing more sustainable ups past over it.
Will the AUD/USD price soon get lows beneath the 0.7300 resistance level?
There has been a bearish candlestick to have spanned from around the 0.7300 resistance level, coupling it with an overbought trading condition the AUD/USD market is currently facing. It can deduce some lows will feature in the near time. Buyers may have to trail some of the positions opened between the points of 0.6800 and 0.7000 to take profit between 0.7300 and 0.7400 value lines.
On the downside of the technical analysis, the trading situation of the AUD/USD appears getting prepared to create an avenue for sellers to launch a come-back into the currency pair transactions around the resistances of 0.7300 and 0.7400 levels. A false forceful breakout against those resistance value lines will give in back to a decent selling entry order. Therefore, short-position takers are to be on the lookout for active reverses at a high trading point before considering joining and launching a sell order.
The analytics, at a glance, the AUD/USD market operations are vastly averaging a high-resistant trading zone to give back to a correction.
AUD/USD 4-hour Chart
The AUD/USD medium-term chart reveals the currency pair trade appears, keeping long in the bullish channel trend lines drawn. The lower bullish trend line drew closely beneath the 14-day SMA indicator above the 50-day SMA indicator. The Stochastic Oscillators are in the oversold region, trying to cross northbound against the 20 range. A bullish has formed slightly from the area of smaller SMA and the lower bullish trend line. That denotes some upward pressures may still play out to revisit a resistance around the 0.7300 and the 0.7400 in the long-term run before surrendering to a downtrend.
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