AUD/USD: Bear Running Around Amid Bull’s Zone

• AUD/USD is having a bearish correction on the H4 chart.
• The pair trades around the Simple Moving Average 30.
• The H1 chart looks bearish.
• Intraday price action has been bearish.

AUD/USD- Technical Analysis- H4 Chart

The pair made a strong bullish move last week. Last Friday, in the New York session, it started having a bearish week upon having a rejection at 0.65000. The pair continues its correction to start its trading week as well. As of writing, the pair trades around the SMA 30. The buyers may wait for the price to produce a bullish reversal pattern to go long in the pair. The pair may find its resistance again around 0.65000. A breakout above that level may push the price towards the North further. In that case, the price may find its resistance around 0.66000.

On the downside, if the price breaches the SMA 30, the sellers may wait for the price to confirm the breakout followed by a bearish reversal pattern to go short in the pair. The price may find its support around 0.63600.

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending by obeying a bullish trend line. It had multiple bounces at the trend line’s support. The price upon finding its resistance, it made a bearish move and made a breakout at the trend line. The sellers may keep their eyes on the pair to go short and push the price towards the South. As of writing, the pair produced consecutive three bearish candles after consolidating within 0.64220-0.64450. The way it has been heading towards the downside, the price may find its next support around 0.63650.

The H4 chart still looks good for the buyers. However, the H1 chart looks very bearish. Thus, traders should carefully watch the price action around the level, where it trades now before making any trading decisions.

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

Contact and follow Tareq on Twitter: @tareqfpn