AUDUSD Price Analysis – October 17
The AUDUSD price is now moving towards a test of the key near-term resistance region around the level at 0.6860, after recovering from the low level at 0.6723 in the prior session. The exchange rate might continue to edge higher until it reaches the formed barrier on the horizontal zone on the level at 0.6860.
Resistance Levels: 0.7205, 0.7085, 0.6895
Support Levels: 0.6723, 0.6710, 0.6671
AUDUSD Long term Trend: Bullish
As shown on the daily, the FX pair is likely to close above its opening price today after recovering from the prior selling pressure, trending to about 72 pips higher after the open, the forex pair might end the session higher as bulls took control early in the day above its opening price.
However, If the resistance level stays unbreached, the AUDUSD pair will most likely make a brief pullback within this session, although the outlook is still in a longterm bearish condition, the short and medium-term trends both turned bullish already.
AUDUSD Short term Trend: Bullish
On the 4-hour time frame, it’s intraday bias has turned bullish already, while recovering from the level at 0.6710, its price actions from the level at 0.6671 are viewed as a corrective one.
Meanwhile just over the level at 0.6810 will extend the rebound further but the upside should be limited by the level at 0.6895 barriers to bring down trend resumption. And on the downside, a break of the level at 0.6710 minor support will turn bias back to the downside for retesting the level at 0.6671 low.
Entry price: 0.6810
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.