AUDUSD is declining
AUDUSD Price Analysis – 08 November
If sellers can maintain the $0.64 resistance level, the price may fall to the $0.63, $0.62, and $0.61 support levels. If buyers get further strength and break through the $0.64 resistance level, the price may be forced to tilt towards $0.65 and rise to levels of $0.66.
AUD/USD Market
Key levels:
Resistance levels: $0.64, $0.65, $0.66
Support levels: $0.63, $0.62, $0.61
AUDUSD Long-term Trend: Bullish
AUDUSD is trending erratically on the daily chart. Before establishing support at $0.62 on October 3, it fluctuated between $0.64 and $0.63. Strong bullish candles were formed on November 3 causing the price to test and reach $0.65. The buyers were unable to proceed due to the sellers’ objections. Currently, it is difficult for buyers to break up $0.65 level, and sellers are pushing the price toward the $0.63 level.
The currency pair’s trading closed to 9- and 21-period exponential moving averages suggesting a negative market. The Relative Strength Index’s period 14 signal lines point downward at 52. If sellers can maintain the $0.64 resistance level, the price may fall to the $0.63, $0.62, and $0.61 support levels. If buyers get further strength and break through the $0.64 resistance level, the price may be forced to tilt towards $0.65 and rise to levels of $0.66.
AUDUSD medium-term Trend: Bearish
AUDUSD chart is bearish in the 4-hour chart. For almost three weeks, the currency pair’s movement has been constrained by the $0.65 resistance level and the $0.63 support level. The double bottom chart pattern formed at the $0.62 level due to the price testing the planned support level twice. AUDUSD gained strength and moved northward to $0.64 resistance level. The bears’ pressure opposed bulls and the price declined towards $0.63 level.
The likelihood of the bearish trend in the AUDUSD market holding is high. The AUDUSD is currently below both the 9- and 21-period exponential moving averages.
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