Sellers’ pressure increases in AUDUSD market
AUDUSD Price Analysis – 20 March
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. AUDUSD may drop to the $0.63 and $0.62 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, $0.63, $0.62
AUDUSD Long-term Trend: Bearish
AUDUSD value is falling, as can be seen in the daily chart. A sizable bullish candle formed on February 15, indicating the start of a bullish trend for the currency pair. The price increased by $0.66 as a result of the bulls’ pressure. The price fell from the just mentioned level to $0.65 as sales began to drop down steam. AUDUSD breaks the support level down. It continues declining towards $0.64 level.
The market is deemed bearish when the currency pair cross down the Hull Suite forex signals indicator. When the QQE MOD indicator’s red histogram is below the zero level, a sell forex signal 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 $0.63 and $0.62 support levels if sellers successfully push the price below the $0.64 support level.
AUDUSD medium-term Trend: Bearish
The Australian dollar’s 4-hour chart shows a decreasing trend. The $0.66 barrier level restrained the currency pair’s movement for over three weeks. Prices range from $0.66 to $0.65. More bearish candles were produced and the price started declination below the $0.65 level. This morning’s 4-hour candle closed below $0.65, signifying a bearish candle on the chart. A downward trend is established if the level that was previously established is exceeded.
I believe there’s a possibility the AUDUSD market will continue to fall. The red histogram and the QQE MOD, both of which are below zero, indicate a bearish trend.
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