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.