AUDUSD Plunges After Hitting the Top Zone on the Level at 0.6929

AUDUSD Plunges After Hitting the Top Zone on the Level at 0.6929

AUDUSD Price Analysis – October 31

The AUDUSD has retreated after hitting the horizontal zone on the level at 0.6929 early in the European session. The top zone reached is the highest point since July 26th, as buyers had initial dominance lifting the pair higher before plunging past below horizontal zone on the level at 0.6895.

Key Levels

Resistance levels: 0.7205, 0.7085, 0.6955

Support Levels: 0.6847, 0.6723, 0.6671

AUDUSD Long term Trend: Bullish

In the long term picture, the scenario for a medium-term retracement is information. However its yet to complete there. Although for as long as the level at 0.7085 resistance remains, the bigger fall from the level at 0.7205 (high) is still expected to continue to 0.6671 (low).

However, a decisive break of the level at 0.7085 may confirm medium term bottoming and reactivate a solid rally from there, meanwhile, the pair is still in a long-term downtrend, the short and long-term outlook has turned bullish already.

AUDUSD Short term Trend: Bullish

The AUDUSD is trending lower while testing the horizontal zone on the level at 0.6882 with the support defined by the 4-hours moving average 13 while posting the session low.

Although the FX pair may continue its upward momentum while it’s also likely for it to make a short retracement coming in around the level at 0.6847 support. The intraday bias is at the upside for a retest of the level at 0.6955 key resistance next. Otherwise, its outlook may remain bearish in case of reversal.

Instrument: AUDUSD
Order: Buy
Entry price: 0.6882
Stop: 0.6810
Target: 0.6955

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.