AUDUSD: AUD/USD tests 0.6300 as risk-off sentiment prevails and
AUD/USD struggles to maintain above 0.6300 after PBOC's decision to keep the lending base rate (LPR) unchanged. Selling pressure weighed heavily on the pair amid persistent risk-off sentiment due to escalating tensions in the Middle East.
AUD/USD recovered from near the key support of 0.6285, but the overall bias remains bearish as the price remains below the 20-day MA. On frame D1, price action has not shown clear developments yet.
On the H4 frame, AUD/USD is stuck below MA 20, but technical indicators show recovery potential. If we break through the immediate resistance of 0.6355, the next targets will be 0.6375 and 0.6390, reinforcing the strong upward momentum to 0.6430.
If the support of 0.6330 is broken, the outlook for AUD/USD will be relatively worse, but holding the support of 0.6285 will limit the downward momentum. On the contrary, if it breaks below this level, sellers will aim for the 0.6250 support and the 2022 bottom at 0.6170.
AUD/USD recovered from near the key support of 0.6285, but the overall bias remains bearish as the price remains below the 20-day MA. On frame D1, price action has not shown clear developments yet.
On the H4 frame, AUD/USD is stuck below MA 20, but technical indicators show recovery potential. If we break through the immediate resistance of 0.6355, the next targets will be 0.6375 and 0.6390, reinforcing the strong upward momentum to 0.6430.
If the support of 0.6330 is broken, the outlook for AUD/USD will be relatively worse, but holding the support of 0.6285 will limit the downward momentum. On the contrary, if it breaks below this level, sellers will aim for the 0.6250 support and the 2022 bottom at 0.6170.
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