AUD/USD: – Bears are taking the charge with double bottom pattern.

Overview: The pair is heading to downside with full of bearish sentiments. It looks like pair is heading to south side with full of bearish sentiments. The way pair is reacting it seems like they are heading to 0.6745 level at least and further downfall still expected. Overall bears are taking the charge and taking the pair at downside. The current set up is below all the major and minor EMA lines which is providing a bearish sentiment also.

Technical Analysis: From the technical point of view, a double top pattern is in process of formation which indicates that bears will continue in the game and the way bears are reacting it seems like they are heading to downside. We can say that a downtrend line is lying on the chart and the bears are getting supply pressure from that level. The odds are in favour of the bears. The RSI is also below the 50 level which is favouring the bears and MACD also travelling below the zero level as providing strength to the bears. On the 4 hourly chart we can see two consecutives bearish marabuzo in market which is showing bearish sentiments in the market. The support of the market is 0.6645 followed by 0.6460 and resistance is 0.6895 followed by 0.7030.

Trade Idea: The traders are advised to go for sell at 0.6800 and target will be 0.6750, 0.6710 and stop loss will be 0.6860.



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