AUD/USD Price Prediction – October 10
It currently obtainable that the AUD/USD market exchange rate drops through some supports to denote the pairing currency is still under a selling pressure cycle. Over a couple of hours back, price has been trading between 0.63802 and 0.62993 value lines, maintaining a negative 1.02%.
Resistance levels: 0.6400, 0.6500, 0.6600
Support levels: 0.6200, 0.6100, 0.6000
AUD/USD – Daily Chart
The daily chart showcases the AUD/USD price exchange rate drops through supports underneath the trend lines of the SMAs within the bearish channels drawn. The 14-day SMA is at 0.65837 value, underneath the 0.68306 value line of the 50-day SMA indicator. The Stochastic Oscillators have crossed southbound from the 80 range to 58.21 and 40.99 range values, signifying that a decline is in motion.
Has there been a weakening in the AUD/USD market’s present downward force?
A trading candlestick needs to emerge with a bottom shadow to signal a weakening in the AUD/USD market’s present downward force as the pairing currency exchange rate drops through supports. Long-position placers must wait for a reading that indicates the Stochastic Oscillators are in an oversold region before trying to make a recovery.
On the technical downside, it is obvious that bears are still in control of the AUD/USD market actions as of the writing. The 0.6400 level has been the initial obstacle to the current downward momentum. Therefore, if the price rebounds against it, it will potentially lead to upswings to retest a high point around the upper bearish trend line drawn.
According to the analytics, when the price drops through several supports, bears may attempt to exhaust the current force of decline in the AUD/USD. Currently, sellers should be cautious of late entrances.
AUD/USD 4-hour Chart
The medium-term AUD/USD chart shows how the pair’s exchange rate declines through variant supports and reaches the lower negative trend line. The 14-day SMA indicator is at 0.64220, below the 0.65288 value line. The Stochastic Oscillators have moved southbound in the oversold region, touching zero ranges. That denotes the counter-trading currency may soon stop pushing hard against its base currency.
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