1-hr AUD/USD: Sellers are in Control
The USD is exhibiting notable strength while the AUD continues to decline sharply. The presence of a Death Cross pattern—a classic bearish signal—underscores the prevailing downward momentum. This occurs when a short-term moving average crosses below a long-term moving average, signaling sustained selling pressure.
Despite the strong bearish trend, oversold conditions often attract short-term buyers. As a result, we observed a retest of immediate resistance near the 23% Fibonacci retracement level. This pullback is expected to extend further upward, potentially revisiting the 0.6533 zone, which corresponds to the critical 38% Fibonacci retracement.
For traders looking to align with the broader downtrend, this higher level could present an optimal entry point, offering improved risk-to-reward opportunities. Monitoring price action around these resistance levels is key, as it provides insight into whether bearish momentum will resume after the retracement concludes.
Despite the strong bearish trend, oversold conditions often attract short-term buyers. As a result, we observed a retest of immediate resistance near the 23% Fibonacci retracement level. This pullback is expected to extend further upward, potentially revisiting the 0.6533 zone, which corresponds to the critical 38% Fibonacci retracement.
For traders looking to align with the broader downtrend, this higher level could present an optimal entry point, offering improved risk-to-reward opportunities. Monitoring price action around these resistance levels is key, as it provides insight into whether bearish momentum will resume after the retracement concludes.
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