{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/audusd-price-action-turns-south-below-the-0-6700-mark\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/audusd-price-action-turns-south-below-the-0-6700-mark\/","headline":"AUDUSD Price Action Turns South Below the 0.6700 Mark","name":"AUDUSD Price Action Turns South Below the 0.6700 Mark","description":"The AUDUSD pair has seen a moderate downward correction as the market turned south towards the close of the previous week\u2019s trading activity. This is happening at a time when the global PMI isn\u2019t performing at its best. Additionally, the USD is under pressure from risk aversion as interest rates are set to decline starting […]","datePublished":"2024-06-24","dateModified":"2024-06-24","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2024\/04\/aud.jpg","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2024\/04\/aud.jpg","height":320,"width":612},"url":"https:\/\/forexschoolonline.com\/audusd-price-action-turns-south-below-the-0-6700-mark\/","about":["AUD\/USD","Forex","FX Technical Analysis","Technical Analysis","Trading"],"wordCount":311,"keywords":["AUDUSD","Forex","Techncial Analysis"],"articleBody":"The AUDUSD pair has seen a moderate downward correction as the market turned south towards the close of the previous week\u2019s trading activity. This is happening at a time when the global PMI isn\u2019t performing at its best. Additionally, the USD is under pressure from risk aversion as interest rates are set to decline starting in September.Key Price Levels:Resistance Levels: 0.6700, 0.6800, and 0.6900Support Levels: 0.6600, 0.6500, and 0.6400AUDUSD Lands on Crucial SupportAs noted earlier, the AUDUSD price action has been corrected downward. At this point, the market has landed on crucial support at the 20-day Exponential Moving Average (EMA) curve. Meanwhile, the last price candle representing the ongoing session has appeared as a hammer-shaped price candle, aligning with the possibility of an upside bounce off the EMA support.However, the Moving Average Convergence Divergence (MACD) lines have risen above the equilibrium level but now have a sideways bearing. The bars of the indicator below the equilibrium level are solid red, which seems to negate the hope of a bullish reversal at this point in the market.AUDUSD Upside Forces Are Pulling Some StringsIt has been noted that the AUDUSD market seems aligned for a rebound. Additionally, the 4-hour market has further shown that the market may be getting ready to take off. The last price candle here can be seen appearing as a dash price candle and sits just above the 100-day EMA line.Although this hasn\u2019t presented much movement, the last bar on the MACD indicator suggests that downward forces are now weaker. Therefore, upside forces now have the chance to stage a rebound off the found support level, towards the 0.6700 mark. However, traders may still have to pay attention to data that may influence the price movement.Do you want to take your trading to the next level? Join the best platform for that here."}