AUDUSD Price May Bounce Up at $0.64 Level

Bearish movement may not continue

AUDUSD Price Analysis – 31 July

Sellers may be able to drop the price to roughly $0.63 or possibly $0.62 if they are persistent enough to break through the $0.64 barrier. AUDUSD may increase to the $0.66 and $0.67 resistance levels if buyers are able to push the price over the $0.65 resistance level.

Key levels:

Resistance levels: $0.65, $0.66, $0.67

Support levels: $0.64, $0.63, $0.62

AUDUSD Long-term Trend: Bearish

On the daily chart, the value of AUDUSD is trending downward. On July 16, a huge bearish candle developed, indicating the start of a bearish trend for the currency pair. The bears’ efforts resulted in a $0.65 drop in pricing. The price was reduced from the first quoted figure to $0.62 when sales began to fall. The price of the AUDUSD crosses the $0.66 support level. It is currently testing the $0.64 threshold. The current state of the market supports the bears’ rally call from yesterday.

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The market is viewed as bearish when the currency pair clears the Hull Suite forex signals indicator. When the red QQE MOD indicator histogram is below the zero level, a sell forex signal is shown. Sellers may be able to drop the price to roughly $0.63 or possibly $0.62 if they are persistent enough to break through the $0.64 barrier. Prices may increase to the $0.66 and $0.67 resistance levels if buyers are able to push the price over the $0.65 resistance level.

AUDUSD medium-term Trend: Bearish

The Australian dollar’s 4-hour chart shows a declining trend. The $0.67 barrier level restrained the currency pair’s movement for over a week. There was $0.67 to $0.65 pricing range. As the price started to plunge below the dynamic barrier level, more bearish candles burned. On the chart, the 4-hour candle that closed at $0.65 yesterday seems negative. If the previous level is exceeded, the declining trend may continue.

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I think the AUDUSD market could drop even more. A negative trend can be seen in both the red histogram and the QQE MOD, which are both below zero.

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