AUD/USD Market Experiences a Significant Correction

AUD/USD Prediction – November 8
The financial book of records has that the AUD/USD market experiences a significant correction while the level of 0.7500 breached southward. The currency pair price trades around 0.7404, at a percentage rate of about 0.08 positive as of writing.

AUD/USD Market
Key Levels:
Resistance levels: 0.7500, 0.7600, 0.7700
Support levels: 0.7300, 0.7200, 0.7100

AUD/USD – Daily Chart
It has been exhibited on the AUD/USD daily chart that the currency pair market experiences a significant correction. A smaller bearish candlestick emerged on October 29, signaling the beginning of the current correction movement. The 14-day SMA trend line has moved northward to conjoin with the 50-day SMA trend line around 0.7400 value-line. The Stochastic Oscillators have traveled southbound, dipping into the oversold region close to the range line of zero. That indicates that the downswing motion is approaching a critical trading zone of exhaustion.
Will the AUD/USD trade operations go under further as the currency pair market experiences a significant correction?
It still appears that the AUD/USD trade operation needed to under further for a while as the currency pair market is experiencing a significant correction presently. A trading zone of around 0.7300 expectantly has the glimpse probability that buyers get a solid support line to make a re-launch in the market. It may only take a while before that assumption plays out, especially while price tends to resort into a consolidation moving motion at that trading level capacity.

On the downside, the AUD/USD market sellers may have to exercise some degrees of cautiousness around 0.7400 as it has indicated by the Stochastic Oscillators that the currency pair market has reached an oversold condition. Therefore, it would be riskier to dwell long on any possible downward motion that can surface at any time. A further pulling down of price averages at the lower level around 0.7300 may purposely give back a rebound in no time.

Summarily, It is still technically wise that traders allow some downswings around 0.7400 level. And, be on the alert to spot any possible rebound motion from lower trading to the value line mentioned earlier before launching a long position order.
AUD/USD 4-hour Chart
The AUD/USD 4-hour chart reveals that the market experiences a significant correction almost, nudging into a well-defined bearish trend. The 14-day SMA indicator is above the 50-day SMA indicator. The Stochastic Oscillators have protruded into the overbought region, slightly pointing to the northbound. That suggests that the coin market is struggling with less active momentum. As a result, the pair is likely to still witness some lows in its valuation for a while.


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