AUDUSD market may keep declining
AUDUSD Price Analysis – 16 October
Customers may be able to lower the price to roughly $0.65 or even $0.64 if they are motivated enough to overcome the $0.66 barrier. Prices may increase to the $0.68 and $0.69 resistance levels if buyers are able to push the price over the $0.67 resistance level.
Key levels:
Resistance levels: $0.67, $0.68, $0.69
Support levels: $0.66, $0.65, $0.64
AUDUSD Long-term Trend: Bearish
AUDUSD is losing value on the daily chart. A large bearish candle that appeared on October 1st signaled the beginning of a bearish trend for the currency pair. The price dropped by $0.67 as a result of the bears’ efforts. By the time sales started to decline, the price had dropped from the original forecast to $0.66. At $0.67, the AUDUSD price burst through the barrier. The $0.69 barrier did not break. Last week, the market pulled back to test the $0.66 support level. The bears’ prediction of a successful decline to $0.66 is supported by the existing circumstances.
When the red QQE MOD indicator histogram falls below the zero level, a sell forex signal is shown. Customers may be able to lower the price to roughly $0.65 or even $0.64 if they are motivated enough to overcome the $0.66 barrier. Prices may increase to the $0.68 and $0.69 resistance levels if buyers are able to push the price over the $0.67 resistance level. When the currency pair clears the Hull Suite forex signals indicator, the market is considered bearish.
AUDUSD medium-term Trend: Bearish
The 4-hour chart of the Australian dollar indicates a downward trend. For more than a week, the currency pair’s movement was confined by the $0.69 barrier level. The price range was $0.68 to $0.67. More bearish candles burned last week as the price began to drop below the dynamic barrier level. The 4-hour candle that closed below $0.67 last week appears to be negative on the chart. The downward trend might continue now that the previous obstacle to movement has been removed.
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