AUD/USD Price Concentrates Operations at 0.7500

AUD/USD Prediction – November 1
Over a couple of trading days’ sessions, the AUD/USD price concentrates operations around the level of 0.7500. As of writing, the currency pair market trades around 0.7494 at a negative percentage rate of about 0.31. That’s an indication that a depression is relatively featuring presently.

AUD/USD Market
Key Levels:
Resistance levels: 0.7600, 0.7700, 0.7800
Support levels: 0.7400, 0.7300, 0.7200

AUD/USD – Daily Chart
It has been showcased on the AUD/USD daily chart that the currency pair price concentrates operations around the trading level of 0.7500 as there have been ups and downs at a higher trading zone of the market. A candlestick seemingly attempts to form against the lower bullish trend line. The 14-day SMA trend line has moved northward to touch the 50-day SMA trend line from the beneath. The Stochastic Oscillators are making an effort to cross the lines southbound against the range of 80. That signifies the probable event may soon happen, to cause a force going to the downside in the market.
Will the AUD/USD market lose stance as price concentrates operations at 0.7500?
The losing of stances by the AUD/USD market as price concentrates operations at 0.7500 isn’t on an apparent note presently. But, a correction appears to be in the loom while buyers tend to relax efforts below the resistance level of 0.7600. In the course of the market resulting in more visible corrections, the market will likely rebuild its support around 0.74000.

On the downside, the AUD/USD market sellers may hold on for a pull-up motion away from the 0.7500 and see if it will be facing a resistance closely around a higher point at 0.7600 to consider a sell order. In the scenario of a breakout at the level, the market will be settling for a higher resistance zone that will require some sessions to form a convergence.

Summarily, It is not easy to decide that the AUD/USD market operation has reached an overbought trading situation to warrant long-dwelling of shorting positions. A correction in the currency pair price appears most imminent presently.
AUD/USD 4-hour Chart
The AUD/USD 4-hour chart showcases that the currency pair price concentrates around the level of 0.7500 as there have been variant candlesticks signifying ups and downs. There have been about three smaller 4-hour candlesticks, trying to emerge against the smaller SMA trend line. The 50-day SMA indicator is underneath the 14-day SMA indicator. The Stochastic Oscillators have dipped into the oversold region, touching the zero range line.


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