- Analytics
- News and Tools
- Market News
- AUD/USD Price Analysis: Bears are lurking on the backside of a key micro trendline
AUD/USD Price Analysis: Bears are lurking on the backside of a key micro trendline
- AUD/USD broke a key technical micro trendline.
- While on the backside of that trend, the bias is to the downside on a break of 0.6350.
AUD/USD is below the dominant trendline but longs are in the market as per the past prior days of trade and inside bars of the Wednesday bullish candle and breakout. The following illustrates prospects, however, of a correction into those longs across the daily, 4-hour and hourly timeframes.
AUD/USD daily chart
The price broke out of the micro trend and made a subsequent rally into the resistance of the more dominant bearish trendline. We have seen a correction into support.
AUD/USD H4 chart
This support could be significant and result in a retest higher into shorts that sold the break of the micro bullish trend that would now be expected to act as a counter trendline.
AUD/USD H1 chart
The support is made up of September lows, last Friday's lows and prior resistance such as the prior week's high. Last week's high, however, is where the bulls need to be. At this juncture, while on the backside of the trend, the bias is to the downside on a break of 0.6350.
© 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
