AUDUSD Price May Decrease to $0.620 Level

AUDUSD bounces off $0.675 level

AUDUSD Price Analysis – 17 January

If sellers can hold the $0.660 resistance level, AUDUSD may fall to the support levels of $0.654, $0.620, and $0.610. If buyers can push past the $0.660 resistance level, pricing may tilt toward $0.666 and potentially even hit $0.675 as a result of their zeal.

Key levels:

Resistance levels: $0.660, $0.666, $0.675

Support levels: $0.654, $0.620, $0.610

AUDUSD Long-term Trend: Bearish

AUDUSD is falling as it can be seen in the daily chart. On November 14, a powerful bullish candle developed, signaling the beginning of a bullish trend for the currency pair. This increased in price of $0.65. The purchasers were able to proceed because the selling did not have sufficient momentum. As buying interest increased, the price surpassed $0.675. Buyer pressure eventually lifted the price to the $0.675 barrier level on December 28. The price is currently dropping and testing $0.654.

The currency pair’s drop below the Hull Suite indication indicates a negative market. The red histogram on the QQE MOD indicator indicates a sell signal when it is below the zero level. If sellers can hold the $0.660 resistance level, the price may fall to the support levels of $0.654 $0.620, and $0.610. If buyers can push past the $0.660 resistance level, pricing may tilt toward $0.666 and potentially even hit $0.675 as a result of their zeal.

AUDUSD medium-term Trend: Bearish

The 4-hour AUDUSD chart is showing a declining trend. The $0.687 resistance levels limited the movement of the currency pair for over three weeks. Every time the price challenged the mentioned support level at $0.66, a strong bearish candle emerged on the chart, indicating a negative trend. The AUDUSD broke through the $0.66 barrier and tested the $0.654 level. The price started to drop as sellers defended the previously mentioned level.

AUDUSD market will probably continue to decline. The red histogram and the QQE MOD are both below zero, indicating a bearish trend.

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