AUDUSD Price: A Bearish Reversal Commences at $0.69 Level

Sellers are continue press hard on AUDUSD market

AUDUSD Price Analysis – 09 October

If customers are determined enough to break through the $0.66 barrier, they could be able to drive AUDUSD down to about $0.65 or even $0.64. If buyers are successful in driving the price above the $0.67 resistance level, prices may rise to the $0.68 and $0.69 resistance levels.

Key levels:

Resistance levels: $0.67, $0.68, $0.69

Support levels: $0.66, $0.65, $0.64

AUDUSD Long-term Trend: Bearish

On the daily chart, the value of AUDUSD is declining. The start of a bearish trend for the currency pair was indicated by a sizable bearish candle that emerged on 01 October. The bears’ efforts resulted in a $0.67 loss in the price. The price had decreased from the initial estimate to $0.66 when sales began to drop. The price of AUDUSD broke through the barrier at $0.67. The $0.69 barrier remained unbroken. The market retreated last week in order to test the $0.66 support level. The current situation is consistent with the bears’ forecast of a triumphant fall to $0.66.

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A sell forex signal is displayed when the red QQE MOD indicator histogram is below the zero level. If customers are determined enough to break through the $0.66 barrier, they could be able to drive the price down to about $0.65 or even $0.64. If buyers are successful in driving the price above the $0.67 resistance level, prices may rise to the $0.68 and $0.69 resistance levels. The market is regarded as bearish when the currency pair clears the Hull Suite forex signals indicator.

AUDUSD medium-term Trend: Bearish

The Australian dollar’s 4-hour chart shows a decreasing trend. The $0.69 barrier level restrained the movement of the currency pair for over a week. There was a $0.68 to $0.67 pricing range. As the price started to decline below the dynamic barrier level last week, more bearish candles burned. On the chart, the 4-hour candle that closed below $0.67 last week seems negative. Given that the previous barrier to movement been overcome, the downward trend may continue.

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The AUDUSD market might continue to fall, in my opinion. A negative trend can be seen in both the red histogram and the QQE MOD, which are both below zero.

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