AUD/USD: Bears are playing in the market, selling opportunity is strong.

Overview:  By looking at the 4 hourly charts we can see that sellers are showing their potential in the market. The market is showing downside momentum in the market. From the technical perspective,  the market is forming a downtrend line, The swings are making successively lower lows and lower highs. The bears are making negative momentum in the market at the level 0.7133. Currently, the pair is trading below the major and minor EMA lines and the outlook insists us to have a bearish view now.

Technical analysis: From a technical perspective we can see that a short-term uptrend line has been breached out which is providing us a bearish signal. Pair is trading below all the major and minor EMA lines. The bears have become aggressive in the market, so, It’s better to sit at the sell-side. Presently the market is falling at breaking the support level 0.7100 level. So, we keep our eye on the bearish view and set on the sell-side in the market. Odds are in favor of the bears further and we will get the further bearishness in these pairs.

The RSI is below the 50 levels which is favoring the bears.  A bearish crossover on MACD indicator is showing the weakness in the pair. The 0.7250 is the key resistance level followed by 0.7340. The 0.7100 level is a key support level followed by 0.7035 level.

Trade idea: Based on the chart and studies above we would suggest that go for sell at 0.7130 targets is 0.7070 and 0.7010 level.


Leave a Reply