AUD/USD Price Prediction – October 16
In the bid of a bearish-trending force continuation, the AUD/USD market rate of exchange falls under the 0.6400 trading line. The currency pair price bags a negative percent of 1.58 to trade around the 0.61990 value line as of the time of writing.
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 reveals the AUD/USD market rate of exchange falls under the 0.6400 resistance level. The 14-day SMA trend line is at 0.65003, beneath the 0.67863 value line of the 50-day SMA trend line. The bearish channels have remained intently drawn to show the range pace the currency pair keeps to the south side. The Stochastic Oscillators are near above the range of 20, trying to clog their lines southbound briefly at 21.98 and 21.48 range points. That suggests the former trading instrument is prevailing muscles against its latter-trading tool.
Will the AUD/USD market’s current downward trend continue to breach the 0.6100 support level?
It indicated on the daily trading chart that the AUD/USD market rate of exchange falls under the 0.6400 resistance level around a critical spot of the lower bearish trend line. With time, the currency pair may drop further past the 0.6100 support if bulls are not intensifying on rebuilding solid support around the current trading point.
On the technical downside, the AUD/USD market sellers will have a good trading outlook, as depicted from the reading f a 1-hour chart. And correlating conditions with a 4-hour chart occasionally needed to observe the early possibility posture of price resuming a decreasing move after rallying to a notable high zone before reconsidering the launching of a sell order afterward.
The technical analysis at a glance suggests the possibility of seeing the SUD/USD market operations still running in the way of bears, especially while reaching an overbought condition region on the 1-hour chart.
AUD/USD 4-hour Chart
The medium-term AUD/USD chart reveals the current price rate of exchange falls around the 0.6300 resistance level after a line of about three 4-hour candlesticks showed rejections briefly over the value line before losing some pips not lesser than 100. The 14-day SMA indicator is at 0.62931, beneath 0.64227 of the 50-day SMA indicator. The Stochastic Oscillators have crossed southbound from the overbought region to reach 68.78 and 49.23 range values.
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