AUDUSD Price Retests $0.65 Level and Repels

Sellers oppose buyers again in AUDUSD market

AUDUSD Price Analysis – 08 May

Buyers may be able to drive AUDUSD up to roughly $0.66 or possibly $0.67 if they are persistent enough to break through the $0.65 barrier.  The price may drop to the $0.62 and $0.61 support levels if sellers are successful in pushing the price below the $0.64 support level.

Key levels:

Resistance levels: $0.65, $0.66, $0.67

Support levels: $0.64, $0.62, $0.61

AUDUSD Long-term Trend: Bearish

The daily chart shows a decline in the value of the AUDUSD. A sizable bullish candle that emerged on March 06 indicated the start of a bullish trend for the currency pair. The bulls’ efforts resulted in a $0.66 gain in price. The price was reduced to $0.62 from the first amount specified when sales began to fall.  The support level of $0.64 is broken by the AUDUSD. As it continues to fall, it is approaching $0.62. The movements of the market yesterday point to the return of the bulls but bears oppose the movement today.

The market is regarded as bullish when the currency pair clears the Hull Suite forex signals indicator. When the QQE MOD indicator’s red histogram is below the zero level, a sell forex signals is shown. Buyers may be able to drive the price up to roughly $0.66 or possibly $0.67 if they are persistent enough to break through the $0.65 barrier.  The price may drop to the $0.62 and $0.61 support levels if sellers are successful in pushing the price below the $0.64 support level.

AUDUSD medium-term Trend: Bearish

The Australian dollar’s 4-hour chart shows a declining trend. The $0.66 barrier level restrained the currency pair’s movement for over three weeks. Prices range from $0.66 to $0.65. The price started to surge over the dynamic barrier level as more bullish candles were lit. On the chart, the 4-hour candle that closed at $0.64 yesterday appears to be bearish. An inclination trend is created if the level that was previously set is exceeded.

 

I believe there’s a possibility the AUDUSD market will drop further. A negative trend can be seen in both the red histogram and the QQE MOD, which are both below zero.

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