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- AUDUSD violates key help zone
- Bearish pressures might persist in short-term
AUDUSD’s short-term upward sample is underneath menace because it faces the chance of closing beneath the October help trendline at 0.6500, following one other rejection close to its exponential shifting averages (EMAs).
Technical indicators recommend the bears are in management because the RSI is decelerating beneath its 50 impartial mark and the MACD is weakening throughout the adverse area.
If the value stays beneath 0.6500, there’s a risk of it retesting the higher band of the damaged bearish channel (January-March) at 0.6465 and February’s low at 0.6440. Neglecting to pivot there might end in a drop in direction of 0.6370, the place the ascending trendline linking the pandemic and 2023 lows is positioned. The 0.6269-0.6300 territory may very well be the following vacation spot if promoting forces additional strengthen.
To enhance market sentiment, the pair must surpass its EMAs and exceed the March barrier of 0.6620. Within the occasion that state of affairs performs out, resistance is likely to be encountered across the 0.6655 stage, which represents the 50% Fibonacci retracement of the December-February downtrend, after which throughout the vary of 0.6700-0.6730.
In abstract, the short-term bias for AUDUSD seems to be tilted downwards. As soon as the bears efficiently declare the 0.6500 flooring, the January-February downtrend will come again into focus.
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