AUDUSD is plunging more than 1% today, creating a fresh two-and-a-half-month low at 0.6658 and also remaining well below the medium-term uptrend line. The MACD oscillator is strengthening its negative momentum below its trigger and zero lines, while the RSI is sloping south in the negative region.
If prices continue to head lower, support should come from the 0.6630 barrier ahead of 0.6580. A drop below these lines would reinforce the short-term bearish view and open the way towards the 0.6385 barrier.
However, should an upside reversal take form, immediate resistance will likely come from the 200-day simple moving average (SMA) at 0.6780 and the uptrend line at 0.6820. Any moves above those lines could shift the bias back to a bullish one with the next resistance coming from 0.6857 and the flat 50-day SMA at 0.6890.
To sum up, AUDUSD is switching the near-term outlook to bearish; however, any climbs above the uptrend line and the SMAs may change the tendency back to positive.
AUDUSD is plunging more than 1% today, creating a fresh two-and-a-half-month low at 0.6658 and also remaining well below the medium-term uptrend line. The MACD oscillator is strengthening its negative momentum below its trigger and zero lines, while the RSI is sloping south in the negative region.
If prices continue to head lower, support should come from the 0.6630 barrier ahead of 0.6580. A drop below these lines would reinforce the short-term bearish view and open the way towards the 0.6385 barrier.
However, should an upside reversal take form, immediate resistance will likely come from the 200-day simple moving average (SMA) at 0.6780 and the uptrend line at 0.6820. Any moves above those lines could shift the bias back to a bullish one with the next resistance coming from 0.6857 and the flat 50-day SMA at 0.6890.
To sum up, AUDUSD is switching the near-term outlook to bearish; however, any climbs above the uptrend line and the SMAs may change the tendency back to positive.
Related Posts: