AUDUSD Price Reverses at $0.67 Resistance Level

Bearish movement may continues

AUDUSD Price Analysis – 24 July

If sellers are determined enough to push past the $0.65 barrier, they might be able to lower the price to about $0.64 or even $0.63.  If buyers are successful in driving the price above the $0.66 resistance level, prices may rise to the $0.67 and $0.68 resistance levels.

Key levels:

Resistance levels: $0.66, $0.67, $0.68

Support levels: $0.65, $0.64, $0.63

AUDUSD Long-term Trend: Bearish

The value of AUDUSD shows a bearish trend on the daily chart. The beginning of a bearish trend for the currency pair was signaled by a large bearish candle that appeared on July 16. Because of the bears’ efforts, the price decreased by $0.65. When sales started to decline, the price was lowered from the first quoted amount to $0.62. The $0.66 support level is crossed by the AUDUSD. It is steadily falling closer to the $0.65 mark. The way the market is doing right now validates yesterday’s rally call made by the bears.

When the currency pair clears the Hull Suite forex signals indicator, the market is seen as bearish. A sell forex signal is displayed when the red QQE MOD indicator histogram is below the zero level. If sellers are determined enough to push past the $0.65 barrier, they might be able to lower the price to about $0.64 or even $0.63.  If buyers are successful in driving the price above the $0.66 resistance level, prices may rise to the $0.67 and $0.68 resistance levels.

AUDUSD medium-term Trend: Bearish

The 4-hour chart of the Australian dollar indicates a downward trend. For more than a week, the $0.67 barrier level limited the movement of the currency pair. The price range is $0.67 to $0.65. Further bearish candles burned as the price began to soar below the dynamic barrier level. The 4-hour candle that closed at $0.65 yesterday appears negative on the chart. Should the prior level be surpassed, the declination trend might persist.

The AUDUSD market might fall further lower, in my opinion. Both the red histogram and the QQE MOD, which are both below zero, show a negative trend.

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