Send me real-time posts from this site at my email
Fan Yang

AUD/USD Awaiting Breakout With Bearish Bias

AUD/USD has been in a bearish trend since reaching a high on the year around 0.8135. On the daily chart, we can see that price has fallen down to almost 0.73 before consolidating. 

$AUDUSD Daily Chart

(click to enlarge)

Small Consolidation Range:
- Price is essentially trading between 0.7320 and 0.7480. 
- A break below 0.73 or above 0.75 should send price to the next pivot level.
- To the downside we can see key support around 0.7155, a key common support pivot.
- To the upside, we should anticipate resistance around 0.7650 (where the 200-day simple moving average resides at the moment). 
- The thing is, we should respect the bearish trend because the RSI is showing the maintenance of bearish momentum.
- I think there is a better chance price falls to 0.7155 then to rise to 0.7650. 

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue