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.
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.
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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