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ADAUSD, Murrey Analysis

10/20/2022 2:53 PM

The ADA/USD pair is moving within a short-term downtrend and this week reached the year's lows around ​​0.3418 (Murrey [–2/8]). Fixing the price below this level will give the prospect of further decline to 0.3173 (Murrey [–2/8] for H4) and 0.2900 (the lower border of the downwards channel). The key point for the "bulls" remains 0.3906 (Murrey [8/8]), supported by the middle line of Bollinger Bands. If it consolidates above it, the price will return to the main Murrey trading range and can rise to the area of ​​0.4150 (Murrey [1/8], upper downwards channel border) or 0.4395 (Murrey [2/8]).

Technical indicators signal the continuation of the downtrend: Bollinger bands and Stochastic are directed downwards, while the MACD is increasing in the negative zone.

Resistance levels: 0.3662, 0.3906, 0.4150, 0.4395. | Support levels: 0.3418, 0.3173, 0.2900.

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