ADAUSD Price Analysis – July 7
ADAUSD exited Saturday on the level at $0.0774, although gaining about 1.57% on low volume, its price once again has failed to decisively propel beyond the previous days trading range in a lackluster activity.
Supply Level: $0.04, $0.05, $0.06
Demand Level: $0.1, $0.09, $0.08
ADAUSD Long term Trend: Bearish
Regardless of a poor start in the day, ADAUSD may manage to close between prior days open and close, forming a bullish engulfing candle as the pair trades with a low volume.
While it is unable to break through the key technical demand level at $0.0818, ADAUSD may close below it after spiking up to the level at $0.0801 earlier during the day.
ADAUSD Short term Trend: Bearish
On the flip side, selling might speed up should price move below the nearby swing low on the level at $0.07614 where further sell stops could get activated.
The failure to close above the demand zone on the level at $0.0818 could increase the importance of the level going forward, although still in a long term uptrend the short and medium-term trends have both turned bearish.
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