- AUD/USD's daily chart is biased toward the bears.
- The pair looks set to violate the bullish higher low pattern with a move below 0.6899.
AUD/USD is closing on 0.6899 – a bullish higher low created on May 30 – having dived out of an ascending trendline on Wednesday.
The currency pair is currently trading at 0.6912, representing a 0.20% drop on the day.
The pair closed at 0.6928 on Wednesday, confirming a downside break of the trendline trending higher from May 23 and May 31 lows.
The violation of the rising trendline is preceded by rejection at the 50-day moving average and is accompanied by a bearish crossover of the 5- and 10-day moving averages (MAs).
Add to that, risk aversion in equities and an uptick in Australia's underemployment rate in May, and the spot looks set for a drop below 0.6899. That would further bolster the bearish setup and allow retest of the recent low of 0.6865.
|Today last price||0.6912|
|Today Daily Change||-0.0012|
|Today Daily Change %||-0.17|
|Today daily open||0.6928|
|Previous Daily High||0.6964|
|Previous Daily Low||0.6924|
|Previous Weekly High||0.7022|
|Previous Weekly Low||0.6927|
|Previous Monthly High||0.7062|
|Previous Monthly Low||0.6862|
|Daily Fibonacci 38.2%||0.6939|
|Daily Fibonacci 61.8%||0.6949|
|Daily Pivot Point S1||0.6913|
|Daily Pivot Point S2||0.6899|
|Daily Pivot Point S3||0.6873|
|Daily Pivot Point R1||0.6953|
|Daily Pivot Point R2||0.6979|
|Daily Pivot Point R3||0.6993|
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