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The price of AUDUSD has failed to break above a key resistance level. Will the price continue to trade lower?
Watch the video to learn more…
AUDUSD Analysis
The price of AUDUSD was one to watch for this week due to the currency strength meter. The currency strength meter highlighted that the Australian Dollar (AUD) is one of the weakest currencies but in the reversal zone on the meter. That means we could expect the AUD to either remain weak or begin to get stronger. However, it looks like against the USD the AUD remains weak with the price rejecting an important level.
When observing a downward trend in the forex markets, prices can assume to be forming lower lows and lower highs. Traders will try to find opportunities within the lower highs to maximize their reward to risk ratios.
In this case the price has formed a lower high at the previous structure lows, in typical downward trend fashion. If this downward trend remains traders will be looking for price to reach the recently formed swing lows, or another area of strong support. For AUDUSD this could be the move that takes the price down to the 0.6575, or beyond to 0.6500.
AUDUSD
The price on the chart has traded through multiple technical levels and some observations included:
- The AUD is a weak currency.
- Price has rejected the key 0.6700 highs.
- If the downward trend continues sellers could target the 0.6575 lows and support beyond.
- Sellers will look to take advantage of any short term rallies in the market.
Have you watched our GBPUSD analysis? You can see it here.
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