AUD/USD Price Prediction – November 7
There has been a concurrent bargaining process in the AUD/USD trade operations as the currency pair valuation remains around the 0.6400 line. The transaction process of the pairing coin opens at 0.134 to now trade around 0.64318, maintaining a minute positive percentage rate of 0.56.
AUD/USD Market
Key Levels:
Resistance levels: 0.6500, 0.6600, 0.6700
Support levels: 0.6300, 0.6200, 0.6100
AUD/USD – Daily Chart
The daily chart showcases the currency pair market valuation remains around 0.6400 as the smaller SMA trend line is also around it. The 50-day SMA indicator is at 0.66721, above the 0.64174 value line of the 14-day SMA indicator. The Stochastic Oscillators have moved southbound to a 55 range point. And they have briefly crossed their lines northbound at 61.73 and 68.45 range values.
How would traders approach the AUD/USD market’s current trading environment?
As the market valuation remains around 0.6400, the traders’ approach in the current AUD/USD market operation will use lower trading charts. A 4-hour and a 1-hour complimenting each other in the reading overbought condition will signify that buyers need to desist from launching a new buying order.
On the technical downside, bulls’ weaknesses to push northward farther away from the trading zone of the 14-day SMA appear realistic once a bearish candlestick emerges around the indicator. A good shorting entry order will achieve a price that tends to pull up falsely closely over the trend line of the smaller SMA.
A short glance at the technical analysis reveals the general conclusion that the AUD/USD market bears are circling the 14-day SMA’s value of 0.64174.
AUD/USD 4-hour Chart
The medium-term AUD/USD chart reveals the currency pair market valuation remains between 0.6400 and 0.6500 points over the trend lines of the SMAs. The 14-day SMA indicator is at 0.63876, and the 50-day SMA indicator is at 0.63845. The upper bearish trend line closely drew southward over the SMA points. The Stochastic Oscillators have crossed southbound in the overbought region at 92.45 and 85.18 range values. A sustained breakout of resistance over the SMA trading indicators should cause concern for bears.
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