29.10.202408:17 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of AUD/USD Commodity Currency Pairs, Tuesday October 29, 2024.

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Although currently on the 4-hour chart the AUD/USD commodity currency pair is moving harmoniously within the Bearish Pitchfork channel and is below the MA 50 which also has a decreasing slope where all of this indicates that Sellers are quite dominant, but with the appearance of deviations between the AUD/USD price movement and the Stochastic Oscillator indicator, it gives an indication that in the near future there is a potential for a strengthening retracement where the level of 0.6221 and/or Middle Pitchfork Line will be the target to be aimed at, but as long as the strengthening does not break and close above the level of 0.6667, AUD/USD still has the potential to continue its weakening where the level of 0.6550 will be the main target to be aimed at and if the momentum and volatility support it, it is not impossible that the level of 0.6509 and/or Lower Pitchfork Line will be the next target to be aimed at.

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