AUDUSD Price Tests Potential Bullish Reversal Zone at $0.62

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Buyers may take over AUDUSD market provided $0.65 level holds

AUDUSD Price Analysis – October 19

Should sellers exert more pressure, the support level of $0.62 may be broken downside and AUDUSD may decrease to the support level of $0.61, and $0.60. When buyers oppose sellers at $0.62 level, price may reverse and face the resistance direction at $0.63, $0.65 and $0.66 levels.

AUD/USD Market

Key levels:

Resistance levels: $0.63, $0.65, $0.66

Support levels: $0.62, $0.61, $0.60

AUDUSD Long-term trend: Bearish

AUDUSD is bearish on the daily chart. Sellers’ momentum continue to increase in the AUDUSD market as more bearish candles are produced. After the ranging movement that took place last two weeks within the resistance level of $0.65 and support level of $0.63, sellers gained more momentum and strong daily bearish candle formed which break down the former support level of $0.63 and the support level of $0.62 is tested. More pressure from sellers may put price below $0.62 level. AUDUSD is currently pulling back.

AUDUSD continue trading below the 9 periods EMA and 21 periods EMA which indicate that sellers’ momentum is increasing. The relative strength index period 14 is at 34 levels and the signal lines pointing downside displaying bearish direction. Should sellers exert more pressure, the support level of $0.62 may be broken downside and price may decrease to the support level of $0.61, and $0.60. When buyers oppose sellers at $0.62 level, price may reverse and face the resistance direction at $0.63, $0.65 and $0.66 levels.

AUDUSD medium-term Trend: Bearish

AUDUSD is bearish on the 4-hour chart. The price action has formed a simple double bottom at $0.62 level. Buyers swim in to action with formation of bullish engulfing candle. Sellers opposed the buyers at the resistance level of $0.62.

AUDUSD is currently trading below the 9 periods EMA and 21 periods EMA at close contact, which indicate low bearish momentum. The relative strength index period 14 is at 44 levels with the signal lines pointing down to indicate a sell signal.

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