Aussie Slide: Is AUD/USD Slipping Into the Outback?
Let's get into the breakdown of AUD/USD based on the charts you're showing. Starting with the weekly chart, we can see that price is currently trading near the 0.66670 area, which is a significant level of support. This level has been tested before, and with the price currently sitting on it, we could see a potential break or bounce depending on how the market reacts. If price holds above this level, we might be looking for a reversal opportunity. However, if we break below 0.66670, the next target level would be around 0.66100, and ultimately 0.65832 for a continuation of the downtrend.
Zooming in on the daily chart, we can see how the price has been steadily declining and currently hovering around that 0.66670 level. The moving averages are above the price, signaling bearish momentum. With the support being tested, it’s critical to watch how the price closes today and tomorrow. A daily close below the support will confirm bearish sentiment and could lead to further downside action.
On the 4-hour and 1-hour charts, the price has already broken below 0.66771 and appears to be consolidating at the current level. There could be a short-term retracement before a potential drop, so I’m watching for a potential bounce from 0.66670 for a small corrective move before continuing lower. If we do get a break and close below this area, then a sell opportunity could be in play targeting 0.66100 or even 0.65832 by Friday.
For now, I’m looking to potentially enter a sell trade if we get that break and close below 0.66670, with a possible entry around 0.66600, targeting the lower levels mentioned. As always, keep your risk in check and wait for confirmation before entering!
Zooming in on the daily chart, we can see how the price has been steadily declining and currently hovering around that 0.66670 level. The moving averages are above the price, signaling bearish momentum. With the support being tested, it’s critical to watch how the price closes today and tomorrow. A daily close below the support will confirm bearish sentiment and could lead to further downside action.
On the 4-hour and 1-hour charts, the price has already broken below 0.66771 and appears to be consolidating at the current level. There could be a short-term retracement before a potential drop, so I’m watching for a potential bounce from 0.66670 for a small corrective move before continuing lower. If we do get a break and close below this area, then a sell opportunity could be in play targeting 0.66100 or even 0.65832 by Friday.
For now, I’m looking to potentially enter a sell trade if we get that break and close below 0.66670, with a possible entry around 0.66600, targeting the lower levels mentioned. As always, keep your risk in check and wait for confirmation before entering!
Sheena Lynne
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