AUD/USD:Facing bearish pressure from descending trend line, potential for further drop

More Uncertainty of 2nd Wave in China.
Unemployment Rate Expecting High above 8%

M.Ali Zah All My Pips

AUD/USD is trading in the green and is fighting hard to stay above an important uptrend line. We'll see what will happen because a USDX's rally could send AUD/USD in the seller's territory soon.

Waiting for AUD data today 1:30 GMT, Expecting Red and Unemployment could hit all-time high due to Covid-19 and 2nd wave of china send more uncertainty.

I've drawn a line descending trend, hoping that I'll catch a downside movement, AUD/USD has registered a false breakout last week 0.7050, currently pair sideways direction.

The pair is located within an up channel, so the outlook is still bullish, but AUD/USD has shown some exhaustion signs after the last amazing upside movement. I believe that another lower low will suggest selling in the short term.

Buy opportunity if AUD/USD will make another higher, after a valid breakout above 0.7031, and if the pair Hold daily base above resistance 0.7060 we could see another higher move towards resistance two 0.7140. Overall out China And AUD high risk and buying opportunity could high risk.

Sell opportunity AUD/USD if the price drops and stabilizes below the 0.6780 former low. Then we could see downside trend towards support level S1= 0.6690 And R=2 0.6560.

SUPPORT/RESISTANCE
✅S1= 0.6780
✅S2=0.6690
✴️R1=0.6910
✴️R2=0.7050

Author

M.Ali Zah

All My Pips

M.Ali has 10 years of experience in analysing and covering the global markets, with specialization in Forex and commodities markets.

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