You are here: Home > articles > Forex > Technical Analysis – AUDUSD continues bearish correction in near term; holds below 0.7800
Technical Analysis – AUDUSD continues bearish correction in near term; holds below 0.7800
May 16, 2018 7:26 amVideo
Latest News
- China’s Q1 GDP growth next on the Asian calendar – Preview April 15, 2024
- Technical Analysis – Goldman Sachs stock gains on strong earnings April 15, 2024
- Trading Signals for ETH/USD (Ethereum) for April 15-17, 2024: buy above $3,125 (200 EMA – 2/8 Murray) April 15, 2024
- Analysis for EUR/USD on April 15th. Monday – a tough day for the euro April 15, 2024
- GBP/USD: trading plan for the US session on April 15th (analysis of morning deals) April 15, 2024
- EUR/USD: trading plan for the US session on April 15th (analysis of morning deals). Euro is at an impasse April 15, 2024
- GBP/USD: Will sterling hold steady against dollar? April 15, 2024
- Technical Analysis – USDJPY rallies to another fresh 34-year high April 15, 2024
- Will Netflix earnings take the share price closer to its record highs? – Stock Markets April 15, 2024
- EUR/USD. April 15th. Bulls panic and retreat from the market April 15, 2024
- GBP/USD. April 15th. The dollar gains confidence April 15, 2024
- Weekly forecast based on simplified wave analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, and the US Dollar Index April 15, 2024
- XM’s Heartfelt Ramadan Iftar Support April 15, 2024
- Weekly forecast based on simplified wave analysis of EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on April 15th April 15, 2024
- Technical Analysis – US 500 reverses towards 123.6% Fibonacci April 15, 2024
- Market Comment – Iranian attacks put markets on edge, but fallout limited April 15, 2024
- XM and Human Initiative Spread Hope to Flood Disaster Evacuees in Demak April 15, 2024
- Weekly Technical Outlook: 15/04/2024 – GBPUSD, USDJPY, AUDUSD April 15, 2024
- Forex forecast 04/15/2024: EUR/USD, GBP/USD,USD/CAD, USDX and Bitcoin from Sebastian Seliga April 15, 2024
- Weekly Technical Outlook – GBPUSD, USDJPY, AUDUSD April 15, 2024
AUDUSD has reversed back down again after finding resistance at the 0.7560 barrier, achieved on Monday and holds below the 0.7800 handle. The pair completed two consecutive bearish days and remains below the 20- and 40-simple moving averages (SMAs) in the daily timeframe. However, Wednesday’s trading session started in positive territory.
In the short-term, the momentum indicators seem to be in confusion. The RSI indicator is pointing slightly north, while is holding in negative. Also, the MACD oscillator climbed above the trigger line with weak momentum. But, the stochastic oscillator created a bearish cross below the oversold levels and is moving lower.
In case of further losses, the 0.7410 support level should act as a major support. A drop below this area would reinforce the bearish structure and open the way towards the next key support level of 0.7325, identified by the May 2017 low.
In the event of an upside reversal, the 0.7560 and the 23.6% Fibonacci retracement level of 0.7580 of the downleg from 0.8135 to 0.7410 could act as a significant resistance zone. A continuation of the bullish bias would shift the medium-term outlook to a more neutral one as it would take the pair towards the 0.7640 barrier, which holds near the 40-SMA and next until the 38.2% Fibonacci of 0.7685.
Overall, for a resumption of the longer-term uptrend, which was halted in April, AUDUSD would need to climb back above the ascending trend line and beat the 32-month peak of 0.8135, creating a new multi-month high.
Related Posts: