- Analytics
- News and Tools
- Market News
- AUD/USD Price Analysis: Bears could be on the prowl for the open
AUD/USD Price Analysis: Bears could be on the prowl for the open
- AUD/USD is testing a critical resistance on the daily chart.
- The bears are lurking at a 50% mean reversion resistance level.
AUD/USD is a compelling scenario from a technical standpoint. As per the prior series of analyses, AUD/USD Price Analysis: Bears take charge, carving out the path to a new daily low, while below resistance on the daily chart, there is a bias to the downside.
AUD/USD daily chart
The above illustrates a bearish bias. The price is bounded by support and resistance but a break of support would be expected to confirm the downside towards the 0.6700 area.
However, the four-hour chart offers a number of potential scenarios, as follows:
AUD/USD H4
The price could be on the verge of a break of the dynamic trendline resistance and horizontal resistance which could lead to a breakout of the wedge pattern that is in formation, contrary to the downside bias. A rising wedge pattern such as this is actually a bearish formation:
The scenario above is a fakeout of the dominant trendline resistance, while below, the bears are committing to within the trendline resistance.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
