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.

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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.

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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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