AUDUSD (1H) - short term bearish bias
The daily supply area of 0.6880 has proved to be resilient so far, and a combination of profit-taking and fresh selling are weighing on the Australian dollar. The RSI divergence at the top was followed up by a bearish MA cross, which made the U-turn much more compelling. As the price successively broke below the support levels of 0.6850 and 0.6830, we can expect the sentiment to remain pessimistic for the rest of the week. A break under 0.6810 could trigger a larger sell-off.
Key support: 0.6810
Key resistance: 0.6860
The daily supply area of 0.6880 has proved to be resilient so far, and a combination of profit-taking and fresh selling are weighing on the Australian dollar. The RSI divergence at the top was followed up by a bearish MA cross, which made the U-turn much more compelling. As the price successively broke below the support levels of 0.6850 and 0.6830, we can expect the sentiment to remain pessimistic for the rest of the week. A break under 0.6810 could trigger a larger sell-off.
Key support: 0.6810
Key resistance: 0.6860
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.