Dollar Australia / Dollar ASDiupdate AUDUSD a bearish continuation? 🦐
The AUD/USD pair has been trading in a descending channel with a series of lower highs and lower lows, which suggests that the overall market sentiment is bearish. The most recent price action has seen the price drop to the daily support level at 0.68700, and a retracement to the 50% Fibonacci retracement level of the previous bullish move at the round level 0.70000
As the price failed to break above the resistance level , it retreated back to the support level. The failure to break above the resistance level and the formation of lower highs and lower lows indicate that the sellers are in control of the market, and the price is likely to continue its downward trend.
If the price breaks below the support level at 0.68700, it would confirm the bearish bias in the market and signal a potential sell opportunity. Traders could look for a break below this level and enter a short position with a stop-loss order according to the Plancton's CPS rules.
As the price failed to break above the resistance level , it retreated back to the support level. The failure to break above the resistance level and the formation of lower highs and lower lows indicate that the sellers are in control of the market, and the price is likely to continue its downward trend.
If the price breaks below the support level at 0.68700, it would confirm the bearish bias in the market and signal a potential sell opportunity. Traders could look for a break below this level and enter a short position with a stop-loss order according to the Plancton's CPS rules.
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