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- The AUD/USD continued to decline on Wednesday
The AUD/USD continued to decline on Wednesday
Yesterday, the AUD/USD traded lower and closed the day in the red zone near the price of 0.6305. Today, it also fell slightly, dropping to the 0.6285 mark. On the hourly chart, AUD/USD is trading below the moving average line MA (200) H1 (0.6355). On the four-hour chart, the pair still remains above the MA 200 H4 line. Based on the above, it is probably worth sticking to the southern direction in trading and while the pair remains below MA 200 H1, it may be necessary to look for entry points for selling to form a correction.
- Resistance levels are at: 0.6315, 0.6335, 0.6350-55
- Support levels are at: 0.6285, 0.6270, 0.6255
Probably, the main scenario is a continuation of the downward movement to 0.6285 (session low).
The alternative scenario is consolidation above MA 200 H1 with subsequent growth to 0.6405 (Feb 21 high).
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