• The AUD/USD pair now seems to have entered a bearish consolidation phase and was seen oscillating in a narrow trading band near 4-1/2 month lows.
• The mentioned region marks the lower end of a one-week-old descending trend-channel and should now act as a key trigger for bearish traders.
Technical indicators on daily/hourly charts have moved on the verge of breaking into oversold territory and seemed to be the only factor holding investors from placing any fresh bearish bets.
The set-up warrants some near-term consolidation/a modest bounce before the pair eventually confirms the trend-channel breakdown and resumes its well-established bearish trend.
A bearish breakdown might turn the pair vulnerable to slip further below the 0.6900 handle and accelerate the slide towards challenging its next major support near the 0.6835-30 region.
On the flip side, any attempted recovery might continue to confront some fresh supply near the 0.6935-40 region and seems more likely to remain capped near weekly tops, around the 0.6960 level.
AUD/USD 1-hourly chart
|Today last price||0.6922|
|Today Daily Change||-0.0022|
|Today Daily Change %||-0.32|
|Today daily open||0.6944|
|Previous Daily High||0.696|
|Previous Daily Low||0.6934|
|Previous Weekly High||0.7048|
|Previous Weekly Low||0.6947|
|Previous Monthly High||0.7206|
|Previous Monthly Low||0.6988|
|Daily Fibonacci 38.2%||0.695|
|Daily Fibonacci 61.8%||0.6944|
|Daily Pivot Point S1||0.6932|
|Daily Pivot Point S2||0.692|
|Daily Pivot Point S3||0.6906|
|Daily Pivot Point R1||0.6958|
|Daily Pivot Point R2||0.6972|
|Daily Pivot Point R3||0.6984|
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