AUD/USD Prediction – October 11
The AUD/USD market pushes beneath the level of 0.7400 resistances. The currency pair’s rate of percentage almost gets exhausted as the market trades around the level of 0.7348. That signals that USD may soon find a stance against AUD.
AUD/USD Market
Key Levels:
Resistance levels: 0.7400, 0.7500, 0.7600
Support levels: 0.7200, 0.7100, 0.7000
AUD/USD – Daily Chart
The AUD/USD daily chart showcases that the currency pair market pushes beneath the resistance level of 0.7400. The 14-day SMA trend line is above the 50-day SMA trend line as they both keep a downward trending posture. The bearish channel trend lines drew to upkeep the trading bias that the currency pair may still succumb to a falling force at a high resistance line around the point mentioned. The Stochastic Oscillators are in the overbought region with the lines conjoined, moving in a consolidation manner. That showcases that the base currency is still striving to push against the counter-trading instrument.
Will the AUD/USD price get resisted at 0.7400 as the market pushes northward beneath it?
It is most likely that the AUD/USD currency pair will strive to push to the north side to get a resistance around 0.7400 level. The currency pair market pushes beneath the value line to achieve a higher point around the resistance line. In a technical sense, the level mentioned has to breach northward to nullify the sentiment of getting a price depression movement around the resistance trading zone.
On the downside, it appears that an indication suggests that there may be a re-occurrence of price, succumbing to a rejection around the resistance level at 0.7400. And that may, in the long run, bring about the market’s falling forces to keep the bearish trend intact. Touching the market closed around the value line could degenerate into having a chain of smaller candlesticks that may give birth to a bearish trend return.
In summary, traders may, at this point, be on the lookout for a price rejection trading spot at a higher resistance level to get a decent sell entry. That sentiment is adjudged by the reading of the Stochastic Oscillators that states that the market operations have reached an overbought trading condition.
AUD/USD 4-hour Chart
The AUD/USD 4-hour chart showcases that the currency pair market is in a bullish trend outlook. The 14-day SMA indicator has freshly intercepted the 50-day SMA indicator to the north side. The bullish channel trend lines drew, embodying the SMAs. The Stochastic Oscillators have crossed the lines northward against the range of 80. That shows that some pressures are on to the upside. Therefore, short-position takers should exercise some patience for a while before a selling spot can be.
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