AUD/USD Testing Key Support Amid Persistent Downtrend
Chart Analysis:
The AUD/USD pair continues its downward trajectory, reaching critical support levels, while bearish momentum remains dominant.
1️⃣ Key Support Levels:
Immediate support at 0.6190, marking the current level of defense for buyers.
Further support at 0.6169, the next line of demand if the pair breaks lower.
2️⃣ Downtrend Line:
The pair remains constrained by a steep descending trendline, highlighting the sustained bearish pressure.
3️⃣ Moving Averages:
50-week SMA (blue): Trending downward at 0.6574, aligning with the bearish outlook.
200-week SMA (red): Sloping lower near 0.6870, confirming the broader bearish trend.
4️⃣ Momentum Indicators:
RSI: Hovering near 30, indicating oversold conditions, but further downside cannot be ruled out.
MACD: Deeply negative and declining, reflecting strong bearish momentum.
What to Watch:
A break below 0.6190 could open the door for further declines toward 0.6169 or lower levels.
Any sustained break above the descending trendline would indicate easing bearish pressure and may attract buyers.
Monitor RSI for potential bullish divergence as the pair approaches oversold levels.
AUD/USD remains under intense bearish pressure, with key support levels being tested. Traders should watch for any breakout or breakdown signals to determine the pair’s next directional move.
-MW
The AUD/USD pair continues its downward trajectory, reaching critical support levels, while bearish momentum remains dominant.
1️⃣ Key Support Levels:
Immediate support at 0.6190, marking the current level of defense for buyers.
Further support at 0.6169, the next line of demand if the pair breaks lower.
2️⃣ Downtrend Line:
The pair remains constrained by a steep descending trendline, highlighting the sustained bearish pressure.
3️⃣ Moving Averages:
50-week SMA (blue): Trending downward at 0.6574, aligning with the bearish outlook.
200-week SMA (red): Sloping lower near 0.6870, confirming the broader bearish trend.
4️⃣ Momentum Indicators:
RSI: Hovering near 30, indicating oversold conditions, but further downside cannot be ruled out.
MACD: Deeply negative and declining, reflecting strong bearish momentum.
What to Watch:
A break below 0.6190 could open the door for further declines toward 0.6169 or lower levels.
Any sustained break above the descending trendline would indicate easing bearish pressure and may attract buyers.
Monitor RSI for potential bullish divergence as the pair approaches oversold levels.
AUD/USD remains under intense bearish pressure, with key support levels being tested. Traders should watch for any breakout or breakdown signals to determine the pair’s next directional move.
-MW
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