AUD/USD Technical Analysis: Aussie bears taking the helm can drive the market to new 2018 low near 0.7000 figure

AUD/USD is trading in a bear trend below the 200-period simple moving average.
AUD/USD is currently testing the 0.7085 (September 11 low) and there seems little in the way for the market to drop to 0.7000 figure and print a new 2018 low.
A break above 0.7144 (September 5 low) on a daily closing basis would likely invalidate the bearish bias.

Flavio Tosti Independent Analyst

AUD/USD 4-hour chart

Spot rate: 0.7087
Relative change: -0.44%
High: 0.7127
Low: 0.7075

Main trend: Bearish

Resistance 1: 0.7100 figure
Resistance 2: 0.7144 September 5 low
Resistance 3: 0.7174-0.7200 zone, 200 SMA (4H) and August 15 low
Resistance 4: 0.7300 figure

Support 1: 0.7085, September 11 low
Support 2: 0.7041 October low
Support 3: 0.7000 figure
Support 4: 0.6830 January 15, 2016 low

Author

Flavio Tosti

Independent Analyst

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