Bearish Momentum Continues: AUD/USD Heading South – Are You In?
Based on the AUD/USD charts, let's dive into a quick technical breakdown to see where the opportunities lie.
Daily: We’re seeing AUD/USD in a strong downtrend, pressing into the lower levels near daily support at 0.6557. The daily candles are riding below both the 21 EMA and 8 EMA, which is further confirming bearish momentum. If sellers continue to drive price lower, our next solid support level to watch is down around 0.6481 and, eventually, 0.6445, a key weekly level. Given that prices have respected the weekly resistance level around 0.6677 previously, it’s clear that the sellers are holding control right now.
Intraday Setup: The 4-hour and 2-hour charts both reveal a bearish bias as well, with price rejecting from the 8 EMA and dipping below minor support levels. On the 4-hour, any retracement back to around 0.6600 (which would be near the 8 EMA) could provide an ideal entry for those looking to join the downtrend. A break below 0.6557 with bearish volume could trigger further momentum to the downside.
For a potential trade setup, I’m watching for price to retest around 0.6600-0.6610 for an optimal short entry, with targets down at 0.6557 and 0.6481. Keeping a tight stop above 0.6632 should provide a favorable risk-to-reward ratio. Let’s see if price respects these zones as we approach the end of the week!
Daily: We’re seeing AUD/USD in a strong downtrend, pressing into the lower levels near daily support at 0.6557. The daily candles are riding below both the 21 EMA and 8 EMA, which is further confirming bearish momentum. If sellers continue to drive price lower, our next solid support level to watch is down around 0.6481 and, eventually, 0.6445, a key weekly level. Given that prices have respected the weekly resistance level around 0.6677 previously, it’s clear that the sellers are holding control right now.
Intraday Setup: The 4-hour and 2-hour charts both reveal a bearish bias as well, with price rejecting from the 8 EMA and dipping below minor support levels. On the 4-hour, any retracement back to around 0.6600 (which would be near the 8 EMA) could provide an ideal entry for those looking to join the downtrend. A break below 0.6557 with bearish volume could trigger further momentum to the downside.
For a potential trade setup, I’m watching for price to retest around 0.6600-0.6610 for an optimal short entry, with targets down at 0.6557 and 0.6481. Keeping a tight stop above 0.6632 should provide a favorable risk-to-reward ratio. Let’s see if price respects these zones as we approach the end of the week!
Sheena Lynne
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