AUDUSD Price: More Bearish Pressure May Reduce Price to $0.61 Level

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Buyers may take over AUDUSD market in case $0.65 level holds

AUDUSD Price Analysis – October 13

In case sellers exert more pressure, the support level of $0.62 may be broken downside and AUDUSD may decrease to the support level of $0.61, and $0.60. When bulls defend the $0.62 level, daily candle may close above $0.63 level, then, $0.65 and $0.66 level may be tested.

AUD/USD Market

Key levels:

Resistance levels: $0.63, $0.65, $0.66

Support levels: $0.62, $0.61, $0.60

AUDUSD Long-term trend: Bearish

AUDUSD is bearish on the daily chart. Two weeks ago, price was ranging within the resistance level of $0.65 and support level of $0.63. Early last week, sellers gained more momentum and strong daily bearish candle formed which break down the former support level of $0.63 and the support level of $0.62 is tested. More pressure from sellers may put price below $0.62 level.

AUDUSD price is trading below the 9 periods EMA and 21 periods EMA which indicate that sellers’ momentum is increasing. The relative strength index period 14 is at 28 levels and the signal lines pointing downside displaying bearish direction. In case sellers exert more pressure, the support level of $0.62 may be broken downside and price may decrease to the support level of $0.61, and $0.60. When bulls defend the $0.62 level, daily candle may close above $0.63 level, then, $0.65 and $0.66 level may be tested.

AUDUSD medium-term Trend: Bearish

AUDUSD is bullish on the 4-hour chart. During the ranging movement that took place last week within $0.65 and $0.63 levels, sellers were able to gather enough asset to break down the former support level of $63. The price is currently testing the support level of $0.62.

 AUDUSD is currently trading below the 9 periods EMA and 21 periods EMA at close contact, which indicate low bearish momentum. The relative strength index period 14 is at 40 levels with the signal lines pointing down to indicate a sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.