AUDUSD Price Analysis – October 24
The Australian dollar is trading past the prior day’s range, and its current price has decisively moved beyond the previous day’s low in an active session. Its recent downside momentum is as a result of a halt at its advance above the horizontal level at 0.6882, and that may see sellers regain near-term control again.
Resistance Levels: 0.7085, 0.6955, 0.6895
Support Levels: 0.6810, 0.6723, 0.6671
AUDUSD Long term Trend: Bearish
The FX pair is trending downwards with its focus for the downside as shown on the daily for the 3rd day in a row and lending credence to the scenario is the lower closing price recorded, although the AUDUSD is in a long-term bearish trend, the short and long-term outlook have both turned bullish already.
Focusing on the bearish view, below the level at 0.6810 minor support may change its bias again to the downside for the level at 0.6723. A break there may bring a retest of the level at 0.6671 low. Meanwhile, the firm break of the level at 0.6895 may fault the bearish pattern and change focus back to the level at 0.7085 key resistance.
AUDUSD Short term Trend: Ranging
For AUDUSD short term outlook, the price is seen to fall to a four-day low after buyers failed to regain back near-term control while sellers leaned on the moving average 5 (red line) earlier today for price action.
The FX pair is presently moving towards a support cluster formed by the horizontal zone on the level at 0.6810 and If the support cluster holds, the bulls may control the trend within this trading session.
Entry price: 0.6860
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.