Near Term Outlook Unchanged as AUDUSD Trades Weaker

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AUDUSD Price Analysis – August 22
The Aussie is holding weaker so far with the yuan softer on the day on a softer note for the equities and treasury yields. However, yuan has a relative effect on USD as the PBOC fixed the yuan weaker again today, reaffirming the notion that they will allow the currency to weaken but not too quickly.

Key Levels
Resistance Levels: 0.7205, 0.7085, 0.6827
Support Levels: 0.6748, 0.6676, 0.6620

AUDUSD Long term Trend: Bearish
But as seen in the daily picture above, the near-term picture in AUDUSD remains unchanged despite the pair slipping to session lows on the level at 0.6748 currently. Both buyers and sellers have more work to do to gain more momentum to push prices out of the downward range since last week.

While the forex pair is experiencing a stall, this could just be a correction, as both the medium and long-term trends are still bearish.

AUDUSD Short term Trend: Ranging
However, AUDUSD needs to break the monthly support zone on the level at 0.6676, which is currently providing support for the momentum on the pair at the level at 0.6748.

The currency exchange rate will most likely continue to trade downward and flat for today waiting for the required volatility to change the direction.

 

Source: https://learn2.trade

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