AUD/USD technical analysis: Bears flirting with 1-week old descending trend-channel support


   •  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

AUD/USD

Overview
Today last price 0.6922
Today Daily Change -0.0022
Today Daily Change % -0.32
Today daily open 0.6944
 
Trends
Daily SMA20 0.704
Daily SMA50 0.7077
Daily SMA100 0.7106
Daily SMA200 0.7156
Levels
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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