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.

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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.

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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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