Chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- AUD/USD was trading 0.43% lower on the day at 0.7338 at around 05:55 GMT
- The pair is extending previous session's slump, hits fresh monthly lows
- Price action has formed a 'Bearish Engulfing' pattern on the previous day's candle
- The major has broken below 55-EMA and is on track to test 110-EMA support
- Momentum is bearish and volatility is high, price action has slipped below 200H MA
- GMMA indicator shows major trend is neutral, while minor trend has turned bearish
Support levels:
S1: 0.7323 (110-EMA)
S2: 0.7292 (200-DMA)
Resistance levels:
R1: 0.7360 (55-EMA)
R2: 0.7374 (5-DMA)
Summary: US dollar buoyed on hawkish Fed rhetoric, dragging the pair lower. Break below 110-EMA will see test of 200-DMA AT 0.7292.
