AUD/USD is Stable below 0.7850: What’s Next?
July 01, 2021|The Forex Secret –AUD/USD is one of the major currency pairs that represent the economic condition of Australia and the US. In the recent price action, the US Dollar is dominating the market where AUD got hurt like other pairs. As the current price is stable below 0.7580 level it may come lower in the coming days. Let’s have a look at the complete price prediction using the Technical analysis.
AUD/USD Bears are Active below the 0.7580 Level
AUD/USD remained volatile as soon as the price moved above the 0.7580 level for a considerable time but the price did not make a new high after failing multiple times.
Later on, in mid-June, the price came below this level with an impulsive bearish pressure. Therefore, as long as the price is trading below this level, it has a higher possibility of coming lower.
Based on the daily price chart. AUD/USD is trading below 0.7580 level where the dynamic 20 EMA is above the resistance as it is moving lower. However, the price failed to come lower below the recent low that may increase the possibility of a bullish correction.
Moreover, MACD Histogram remained bearish and coming lower, which is a sign of upcoming bearish pressure in the price.
Is AUD/USD A Sell?
Based on our findings, we are focusing on selling pressure in the AUD/USD as long as the price is trading below the 0.7580 level where the primary target would be 0.700 level.
However, a stable bullish D1 close above the dynamic 20 EMA may alter the current market context towards the 0.7700 level.
- AUDUSD Upcoming Price trend: Bearish
- Target Level: 0.7000
- Invalidation level: 0.7600