AUD/USD Approaching Key Long-Term Support Zone
Chart Analysis:
The Australian Dollar has fallen sharply and is now approaching a key support level near 0.6172, last tested in October 2022.
1️⃣ Support Zone:
The horizontal level at 0.6172 represents a critical long-term support area. A test of this level could attract significant attention from market participants.
2️⃣ Fibonacci Retracement:
The 78.6% Fibonacci retracement of the larger upswing sits around 0.6042, which could act as an extended support level if the current zone is breached.
3️⃣ Moving Averages:
50-day SMA (blue): The pair remains well below this level, currently at 0.6524, signaling strong bearish momentum.
200-day SMA (red): Positioned at 0.6615, reflecting a broader downtrend in play.
4️⃣ Momentum Indicators:
RSI: At 30.54, nearing oversold territory, which could signal a potential short-term bounce or pause in the downtrend.
MACD: Deep in negative territory, with no clear signs of reversal as the MACD line continues to trend downward.
What to Watch:
Price action near 0.6172: Will the level hold, or will a break open the door for further declines toward 0.6042?
RSI divergence or bullish patterns near support could indicate the possibility of a rebound.
AUD/USD remains under significant pressure, with momentum favoring bears as the pair approaches a pivotal support zone.
-MW
The Australian Dollar has fallen sharply and is now approaching a key support level near 0.6172, last tested in October 2022.
1️⃣ Support Zone:
The horizontal level at 0.6172 represents a critical long-term support area. A test of this level could attract significant attention from market participants.
2️⃣ Fibonacci Retracement:
The 78.6% Fibonacci retracement of the larger upswing sits around 0.6042, which could act as an extended support level if the current zone is breached.
3️⃣ Moving Averages:
50-day SMA (blue): The pair remains well below this level, currently at 0.6524, signaling strong bearish momentum.
200-day SMA (red): Positioned at 0.6615, reflecting a broader downtrend in play.
4️⃣ Momentum Indicators:
RSI: At 30.54, nearing oversold territory, which could signal a potential short-term bounce or pause in the downtrend.
MACD: Deep in negative territory, with no clear signs of reversal as the MACD line continues to trend downward.
What to Watch:
Price action near 0.6172: Will the level hold, or will a break open the door for further declines toward 0.6042?
RSI divergence or bullish patterns near support could indicate the possibility of a rebound.
AUD/USD remains under significant pressure, with momentum favoring bears as the pair approaches a pivotal support zone.
-MW
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.