Aussie Dollar Breakdown Looks Like Real Deal

Key Highlights · The Aussie dollar traded lower and broke the 0.7600 support area against the US Dollar. · There was a bullish trend line formed on the 4-hours chart of AUD/USD, which was broken to clear the way for 0.7500. · The minutes of the Reserve Bank of Australia meetings were published, which failed to help the AUD. · There was a minor upside in the AUD/USD pair, but the gains may be limited and could find resistance near 0.7580.

AUD/USD Technical Analysis The Aussie dollar was under heavy pressure lately, as it moved down below the 0.7600 support against the US dollar. It looks like the AUDUSD pair may continue to decline, and may face sellers near 0.7580-0.7600.

AUD/USD 4 Hour Chart

As mentioned, the AUD/USD pair during the downside move broke a bullish trend line formed on the 4-hours. It encouraged the sellers to take the pair further lower. It also settled below the 100 and 200 simple moving average (H4), which is a bearish sign.

If the pair attempts to correct higher, then it could face resistance near the 23.6% Fib retracement level of the last decline from the 0.7742 high to 0.7525 low. The H4 RSI is now well below the neutral level, signaling a continuation of the bearish trend.

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