- June 3, 2021
- Posted by: cabana-admin
- Category: Forex Broker, Market Insights
- AUD/USD justifies the previous day’s bearish candlestick to trim weekly gains.
- 21-day, 50-day SMA adds filters to the moves amid downbeat MACD.
- Monthly horizontal support becomes the key level to watch during heavy losses.
General overview: AUD/USD refreshes intraday low with 0.7736, down, while posting the heaviest losses in a week during Wednesday, the pair makes the bearish signals in the market and lead towards selling signals, The Aussie pair takes bearish clues from Thursday multiple catalysts suggesting further weakness in the prices. Market supports seller this time to drive the game in the market, as I can see many of the pair’s falls below the support level and creates the bearish segment in the market. The sellers are finding opportunity towards the selling side towards the market and makes bears to go aggressive towards the selling part in the market.
Technical analyst: From the technical point of view market makes the selling area in the market, the pair sit towards the bearish zone and formed selling pressure towards the market. The market formed regular swings in the downside manner and if we see briefly than we can found it a consolidation range has been formed over the market which leads to falling in the market, 50 and 200 level supporting the pair towards falling in the market, the pair is continually falling towards the downside in the market. The potential bearish candlestick formed on the 4 hourly charts, the traders can take their step towards sell side in the market. The RSI makes the downside pressure towards the market falling below 50 level as well as MACD also falling below zero level. The support level will be 0.7690 followed 0.7640 resistance will be 0.7780 followed 0.7830.
Trade idea : our trader will sit on the bearish side at level 0.7729 target will be 0.7680 followed 0.7640 stop loss will be 0.7780.