AUD/USD slumps to test 0.71 on Moderna's Omicron covid headlines. AUD/USD bulls have moved in at the start of the week, price correcting the daily bear trend. That said, selling pressure could escalate on the clear downside break of the immediate channel, supported around 0.7110.
Support levels: 0.7105 0.7070 0.7025
Resistance levels: 0.7160 0.7200 0.7240
=> Since this is the annual support zone of 0.7220 - 0.7100, the range is quite wide, this is a challenge for sellers and also an opportunity for buyers to return to the market. Therefore, trading around this area is quite dangerous and the risk is quite large. Should wait for the opportunity to sell at the upper resistance levels.
Support levels: 0.7105 0.7070 0.7025
Resistance levels: 0.7160 0.7200 0.7240
=> Since this is the annual support zone of 0.7220 - 0.7100, the range is quite wide, this is a challenge for sellers and also an opportunity for buyers to return to the market. Therefore, trading around this area is quite dangerous and the risk is quite large. Should wait for the opportunity to sell at the upper resistance levels.