AUD/USD Price Prediction – October 24
There has been a notable reclaiming-energy effort put in by the AUD/USD traders as the exchange rate decreases again at the ).6400 resistance after hitting a hard point. ).6411 and 0.6272 trading zones have been the high and the low-value lines within which the price has been trading over the last hours into today’s sessions.
AUD/USD Market
Key Levels:
Resistance levels: 0.6400, 0.6500, 0.6600
Support levels: 0.6100, 0.6000, 0.5900
AUD/USD – Daily Chart
The daily chart showcases that the AUD/USD trade exchange rate decreases to 0.6400. That resistance value point has been confirmed by the 14-day SMA indicator at 0.64294, underneath the 0.67310 value line of the 50-day SMA indicator. The Stochastic Oscillators are at 77.51 and 81.05 range values, seemingly attempting close their lines around those spots. A bearish candlestick is the making to signify the real price direction.
What circumstance could indicate the end of the current bearish trading cycle for the AUD/USD?
The SMA trend lines and the Stochastic Oscillators needed to complement each order at lower trading zones such that crosses occur to the upside in the AUD/USD market as the price exchange rate decreases at the 0.6400 resistance level. It is that the bears have taken over the buying operations.
On the technical downside, long-position placers find breaching the 0.6400 resistance level un-easy. The AUD/USD market sellers need to capitalize on the present bearish-emerging candlestick to press the trend southward further to logical lower-trading around the resistances of either 0.6200 or 0.6100 at the minimum.
The technical analysis at a glance has it that the selling cycle yet prevails over the buying intent, while the market cannot surge past the 0.6400 resistance level.
AUD/USD 4-hour Chart
The medium-term AUD/USD chart portrays the currency exchange rate decreasing at the 0.6400 resistance level. The bearish channel trend lines drew to embody the SMA trend lines. The 14-day SMA indicator is at 0.62986, underneath the 0.63568 value point of the 50-day SMA indicator. The Stochastic Oscillators have crossed southbound from the overbought region to 47.13 and 31.73 range values. Although the gravity of the downward forces is getting less at the moment, a bullish candlestick needed to form at a point to stop seeing a continual dropping process of the current bearish trend afterward.
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