- AUDUSD bears are lurking below 0.6750 for the open.
- 0.6620 and 0.657 are guarding the 0.6550 target area.
As per the prior analysis heading towards the final sessions for the week, AUDUSD Price Analysis: Bears hold the fort at a 50% mean reversion, the price indeed was held off by the bears for a test into the 0.64 figure and a touch below as follows:
AUDUSD prior analysis
The analysis explained that the bears were still in play on the hourly chart while below the 50% mean reversion level. There were prospects of a downside extension to test 0.6400 the figure as illustrated above, unfolding as follows:
AUDUSD outlook
AUDUSD weekly chart
From a weekly perspective, the price is meeting a critical area of resistance and the downside is up for grabs in the open. While there are prospects of a move higher, deeper into the resistance, any deceleration in the correction could be an opportunity for the bears for the opening sessions this week.
AUDUSD daily chart
With the price in resistance, as it stands, a support zone around 0.6550 is eyed as a downside target while on the front side of the bearish trend.
AUDUSD H4 chart
The 4-hour chart shows the support block located at 0.6620 and 0.6577, guarding the 0.6550 target area.
AUDUSD H1 chart
The price is decelerating on the hourly chart on the break of the micro trendline and hourly close below it. However, there is some way to go until the 0.6650s below the next support line, although bears will be lurking in the open this week while the price remains below 0.6750, tempted to face tests above.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.