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Chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- AUD/USD was trading 0.28% lower on the day at 0.7105 at around 10:15 GMT
- The major ignores previous session's Doji formation to extend downside
- Price action has slipped below 200-week MA support at 0.7147 raising scope for downside
- MACD and ADX support downside in the pair. Price action is below cloud and Chikou span is biased lower
- GMMA indicator shows minor trend is strongly bearish, while major trend is turning bearish
Support levels:
S1: 0.70
S2: 0.6967 (Yearly low)
Resistance levels:
R1: 0.7152 (5-DMA)
R2: 0.72
Summary: AUD/USD trades with a bearish bias, scope for dip till 0.6767 (2022 low).
