AUD/USD Prediction – December 6
The AUD/USD financial book of records has it that the fiat currency market elongates bearish motions, currently trying to find support around 0.7000. The trade operations keep a minute positive percentage rate of about 0.39 as it possesses an estimated value of around 0.7021 as of writing.
AUD/USD Market
Key Levels:
Resistance levels: 0.7100, 0.7200, 0.7300
Support levels: 0.6900, 0.6800, 0.6700
AUD/USD – Daily Chart
The AUD/USD daily chart showcases that the currency pair market elongates bearish motions as 0.7100 critical support level breached southward eventually. The 14-day SMA indicator is underneath the 50-day SMA indicator. And they are far above the trading zones of the market. That gives rise to keeping the bearish channel trend lines intact, embodying the trading paths to the south direction under the indicators. The Stochastic Oscillators are in the oversold region, moving in a consolidation style to affirm the downward trending outlook.
When will there be a strong rebounding signal in the AUD/USD price as the market elongates bearish motions beyond 0.7100?
At this point, it would be necessary that the AUD/USD long-position takers allow about two bullish candlesticks to emerge from a lower trading spot to attest as a strong indication that the currency pair market returns to gathering catalysts before exerting a buy order. The longing of trading positions may as well not have had solid grand to safe execution as the price seems yet to locate an ideal situation for that.
On the downside, the bearish path still appears consolidating its stances in the AUD/USD market operations. However, an indicator has portended an oversold trading condition presently to suggest that the currency pair price may in no time attempt, re-surging for momentums to the upside. Therefore, short-position takers needed to be cautious of exerting more positions, especially while a signal denoting a rebound from a lower trading level comes up.
Summarily, it established that the AUD/USD market trades in a depth zone that belief to be oversold as an upsurge is highly expected in no time to signal an end to the current bearish trending condition. 0.7000 now appears to be the area where that scenario can occur in the subsequent sessions while bulls might have been ready to regain their lost momentums so far.
AUD/USD 4-hour Chart
The AUD/USD medium-term chart reveals a long-kept of downward trend as the currency pair market elongates bearish motions in the channels. The upper bearish channel trend line drew alongside the 14-day SMA indicator beneath the 50-day SMA indicator. The Stochastic Oscillators have crossed the lines northbound from the oversold region slightly against the range of 40. The market seems to be building up some energy around 0.7000 level to surge high in the following trading activities.
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