AUD/USD Technical Analysis: Bear flag breakdown is signaling scope for deeper losses

A bear flag breakdown seen in the AUD/USD's 4-hour chart is indicating that the sell-off from the Dec. 4 high of 0.7392 has resumed and the psychological level of $0.70 (target as per the measured move method) could be put to test soon.
The drop to 0.70 could happen before the end of the year if the Fed retains hawkish stance next week, squashing expectations of a 2019 rate hike pause.
Also, on the way lower, the pair may encounter support at 0.7164 (Nov. 13 low), which is also the 61.8% Fib R of 0.7021/0.7393.
The bearish view put forward by the flag breakout would be invalidated above 0.7247 (Dec. 13 high).

Omkar Godbole FXStreet Contributor

4-hour chart

Trend: Bearish

NZD/USD

Overview:
    Today Last Price: 0.6796
    Today Daily change: -68 pips
    Today Daily change %: -0.991%
    Today Daily Open: 0.6864
Trends:
    Previous Daily SMA20: 0.6854
    Previous Daily SMA50: 0.67
    Previous Daily SMA100: 0.667
    Previous Daily SMA200: 0.685
Levels:
    Previous Daily High: 0.688
    Previous Daily Low: 0.6842
    Previous Weekly High: 0.697
    Previous Weekly Low: 0.6846
    Previous Monthly High: 0.6887
    Previous Monthly Low: 0.6514
    Previous Daily Fibonacci 38.2%: 0.6865
    Previous Daily Fibonacci 61.8%: 0.6856
    Previous Daily Pivot Point S1: 0.6844
    Previous Daily Pivot Point S2: 0.6824
    Previous Daily Pivot Point S3: 0.6806
    Previous Daily Pivot Point R1: 0.6882
    Previous Daily Pivot Point R2: 0.69
    Previous Daily Pivot Point R3: 0.692

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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