Price activity in the AUDUSD market has adopted a bearish outlook. This occurred as the US dollar regained considerable momentum due to favorable emerging data. Consequently, this created a headwind in the market, bringing the price of the pair below key levels, and setting the tone for the new week.
Key Price Levels:
Resistance Levels: 0.6900, 0.7000, 0.7100
Support Levels: 0.6700, 0.6600, 0.6500
AUDUSD May Proceed Downward in the New Week
Price action in the AUDUSD market fell below the middle limit of the Bollinger Bands in the ongoing session. The last price candle portrays significant volatility, pushing the price of the pair quickly below the mentioned levels.
Similarly, the lines of the Stochastic Relative Strength Index (Stochastic RSI) are seen falling into the oversold region. The distance between the leading and lagging lines of the indicator suggests that the market is volatile, and bearish traders may record significant profits in the coming sessions.
AUD Retreated Below Medium-term Support
Price activity in the AUDUSD market can be seen to have fallen below a price level that was broken in the past ten sessions. This happened very quickly within two sessions, indicating a highly volatile market.
Price candles are hugging the lower limit of the Bollinger Bands, with the last price candle appearing red while adhering closely to this limit. Additionally, the trajectory of the indicator lines continues to support the likelihood that price action may proceed downward. Traders should brace for impact at the 0.6750 price mark as the week’s trading activity unfolds.
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