- AUD/USD has been traded around the last swing high on the H4 chart.
- The SMA 30 has been working as one of its supports.
- The H1 chart has been bearish breaching a bullish trend line’s support.
- Intraday minor charts have been bearish.
AUD/USD-Technical Analysis- H4 chart
The chart shows that the price had a rejection at 0.65900 and made a bearish correction. It found its support at the simple moving average 30’s support and made a bullish move. However, the level of 0.65900 has worked as resistance again and made the price consolidate around it. As of writing, the that is about to produce a strong bearish candle. If that happens, the sellers may keep their eyes on the pair to go short below the trend line’s support. The pair may find its next support around 0.65200.
On the contrary, if the chart produces a bullish reversal pattern at the SMA 30’s support, the pair may get choppy within the SMA 30’s support and the last swing high. A breakout above that resistance may make the pair bullish and push it towards the level of 0.66500.
The chart shows that the price had multiple rejections at 0.65900. At the last rejection, it produced a bearish candle with a long lower wick. It has continued its bearish move. As of writing, the pair is traded around a trend line’s support. Traders are to be very watchful here. A bearish breakout may drive the price towards the South. The pair may find its support around 0.65500.
On the upside, if the price finds its support at the trend line again, a bullish reversal may attract the buyers to go long and push the price towards the North. The price may find its resistance around 0.66000.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn