AUD/USD: Bearish Momentum Persists - Key Support in Focus
Alright traders, let’s break down this AUD/USD 2-hour chart and get into the market structure.
We see the pair has been in a downtrend, evident from the series of lower highs and lower lows. The price is currently trading below both the 21 EMA (yellow) and the 200-day moving average (blue), reinforcing bearish momentum. Notice how the price respected the 21 EMA as resistance after a brief rally, which confirms sellers are still in control. The recent rejection at the 0.65401 level (marked "4 hr sell") and the subsequent drop below the 21 EMA signal a potential continuation of this downtrend.
Key levels to watch: Immediate support sits around 0.65138. If this level breaks, we could see a move towards 0.64796, the next significant support. On the flip side, a push above 0.65401 could indicate a shift in sentiment, but I’d stay cautious until we see a strong close above the 200-day moving average at 0.65930.
We see the pair has been in a downtrend, evident from the series of lower highs and lower lows. The price is currently trading below both the 21 EMA (yellow) and the 200-day moving average (blue), reinforcing bearish momentum. Notice how the price respected the 21 EMA as resistance after a brief rally, which confirms sellers are still in control. The recent rejection at the 0.65401 level (marked "4 hr sell") and the subsequent drop below the 21 EMA signal a potential continuation of this downtrend.
Key levels to watch: Immediate support sits around 0.65138. If this level breaks, we could see a move towards 0.64796, the next significant support. On the flip side, a push above 0.65401 could indicate a shift in sentiment, but I’d stay cautious until we see a strong close above the 200-day moving average at 0.65930.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.