Market NewsTechnical Analysis

AUD/USD: All Eyes are on the Flipped Support

  • AUD/USD has been heading towards the South on the H4 chart.
  • The pair may find its support around 0.65330.
  • The H1 chart looks bearish looking for a resistance to make a move towards the South.
AUD/USD H4 chart
AUD/USD H4 chart

AUD/USD-Technical Analysis- H4 chart

The chart shows that the price has been heading towards the South by having a rejection at the simple moving average 30. At the last rejection, it consolidated there for a while and produced a bearish engulfing candle. The pair is traded below the SMA 30. The chart shows that the level of 0.65330 may hold the price as a level of support. A bullish reversal pattern followed by a bullish breakout at the SMA 30 may make the pair bullish and push the price towards the North.

On the other hand, a bearish breakout at the level of support may make the pair bearish and find its next support around 0.64550.

AUD/USD H1 chart
AUD/USD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been heading towards the South by obeying a trend line. The last swing low offers enough space to the price to travel towards the South. Thus, the sellers may be attracted to go short in the pair. However, at the last swing low, the price may consolidate to find its next direction. A bearish breakout may continue the move towards the South.

On the upside, a bullish breakout at the trend line may push the price towards the North. The price may find its next support around 0.66000.

Considering both charts, it seems that the pair has been bearish and it may remain bearish up to the key level of 0.65330. Traders are to keep an eye on the price action around that level. The level may determine its next trend. Let us wait and watch what happens next.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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