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20 Oct 2022

AUD/USD Price Analysis: All set to refresh yearly low as bears approach 0.6200

  • AUD/USD stays offered near intraday low after breaking one-week-old support line.
  • Bearish MACD signals, downbeat RSI adds strength to the downside bias.
  • 61.8% FE levels could lure bears past yearly low.
  • Convergence of 21 and 50 SMA could act restrict short-term recovery.

AUD/USD bears are en route to the yearly low as they keep the reins around 0.6230 after breaking short-term key support during early Thursday in Europe. Also keeping sellers hopeful are the bearish MACD signals and the downbeat RSI (14), not oversold.

That said, the 0.6200 and October 14 swing low near 0.6195 can offer an intermediate halt during the quote’s likely slump toward the 2.5-year low of 0.6170.

Following that, the 61.8% Fibonacci Expansion (FE) of the AUD/USD pair’s October 04-14 moves, close to 0.6110, will lure the sellers. Also acting as the downside filter is the 0.6100 round figure.

In a case where AUD/USD drops below 0.6100, it won’t hesitate to challenge the 0.6000 psychological magnet.

Alternatively, recovery moves will initially struggle around the support-turned-resistance from October 13, near 0.6255, before convergence of the 21-SMA and 50-SMA, around 0.6280 at the latest, could challenge the AUD/USD bulls.

Even if the pair crosses the 0.6280 hurdle, a broad resistance area established since late September could challenge the further upside between 0.6345 and 0.6365.

AUD/USD: Four-hour chart

Trend: Further downside likely

 

Oct 20, 2022

Gold Price Forecast: XAU/USD picks bids post-refreshing three-week low near $1,620

Gold price (XAU/USD) has displayed a rebound move after refreshing a three-week low at $1,622.50. The precious metal has sensed buying interest as mom
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