AUD/USD Trade Hits a Resistance Below 0.7200

AUD/USD Price Prediction – February 7
The AUD/USD trade hits a resistance below 0.7200 line while the price tried to swing higher in its recovery moving attempt. The currency pair operations have featured between the high and low of 0.7091 and 0.7065 at a minute positive percentage rate at 0.25.

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 showcases the currency pair trade hits a resistance below 0.7200 level. The 14-day SMA indicator is underneath the 50-day SMA indicator. On February 4, a bearish candlestick emerged, signaling a return of a downward force after a line of price rejections around the trend line of the smaller SMA. The Stochastic Oscillators have crossed their lines slightly southbound beneath the range of 80. That signifies some forces have been piling up against further surging to the north side in the subsequent sessions.
Will the AUD/USD market return to a falling pressure as the currency pair trade hits a resistance below 0.7200?
The AUD/USD market may return to a falling pressure as the currency pair trade hits a resistance below 0.7200. The market long-position takers may still attempt launching a buying order between 0.7100 and 0.7000 levels while an upward swing seems re-surface, especially from the lower level mentioned. If the market beefs up energy against the upper trend line drawn, price is likely to revisit a resistance a bit over the trade value-line mentioned at the start of this analytical writ-up.

On the downside of the technical analysis, all seem to get set to observe some falling moves going by the emergence of a bearish candlestick around the trend line of the 14-day SMA about a couple of days back. There may be a prolonging exercise of seeing a short-line of ups above the 0.7100 purposely to let the short-position takers get repositioned for another round of declining forces.

At a glance, the technical outlook of the AUD/USD market operation suggests that traders should look for shorting openings than buying in the subsequent trading sessions.
AUD/USD 4-hour Chart
The GBP/USD 4-hour chart exhibits the currency pair trade hits a resistance below 0.7200 level. The 50-day SMA trend line is above the 14-day SMA trend line. The bearish channel trend lines drew southward, embodying the SMAs. The Stochastic Oscillators have initially moved down into the oversold region. But, they have crossed their lines northbound closer beneath the range of 40 to indicate that a northward force is ongoing. However, joining the trend at this point may not be too good. Expectantly, the market tends to witness resistances between 0.7100 and 0.7150 in no time to resume a bearish trading session.


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