ADAUSD Price Analysis – July 10
The supply zone for the ADAUSD on the level at 0.0716 has failed to hold as the pair eases out the bullish bias by changing the market sentiment in the near term. Although its recovery came early as it retraces slightly back and may close higher than its low.
Supply Level: $0.0568,$0.0644, $0.0761
Demand Level: $0.1053, $0.0981, $0.0907
ADAUSD Long term Trend: Bearish
The price of the ADAUSD earlier today broke past the key technical supply zone on the level at $0.0716 which is likely to act as resistance going forward.
ADAUSD will close today below yesterdays low on the level at $0.0738 after confirming its breakout through the day after trading low up to the level at $0.0703.
ADAUSD Short term Trend: Bearish
On the flip side of the 4-hour time frame, the bearish candlestick structure matched today’s price action for a bearish run after its earlier breakout downwards.
Although it may seem the ADAUSD is in an overall uptrend in the bigger outlook, the short and medium trends have both turned bearish already and selling might speed up should price move below the nearby swing low at the supply zone on the level at $0.6445.
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