Chart - Courtesy Trading View
Technical Analysis:
- AUD/USD extends weakness for the sixth consecutive session, refreshes 2 1/2 year lows
- Recent pick-up in the US Dollar strength amid risk-off mood add to weakness in the pair
- Mixed Aussie data and Australia’s Treasurer Jim Chalmers' upbeat comments failed to provide any relief
- Technical indicators are strongly bearish, GMMA indicator shows major and minor trend are bearish
- Price action is well below cloud, Chikou span is biased lower, momentum is bearish
Major Support Levels: 0.6239 (Lower BB), 0.5980 (April 2020 low)
Major Resistance Levels: 0.6362 (5-DMA), 0.6440 (200H MA)
Summary: AUD/USD trades with a bearish bias. The pair is poised for further downside. Scope for test of April 2020 lows at 0.5980.
