Bears stay on top, eye break below 0.6650 – Crypto News – Crypto News
Connect with us
Bears renew six-week low on the way to 0.6800 Bears renew six-week low on the way to 0.6800

others

Bears stay on top, eye break below 0.6650 – Crypto News

Published

3 years ago

on

  • AUD/USD bears breaking 4-hour supporting trendline.
  • 0.6650 and then 0.6580 will be key milestones to leave the bears fully in control with 0.6550 and 0.6500 eyed.

Protests against China’s strict zero-COVID policy and restrictions on freedoms in the nation have led to a risk-off start to the week, weighing head8ily on the Aussie as the following technical analysis will show. AUD/USD is currently down some 1.13% having lost its footing from a high of 0.6727 to a low of 0.6665 on the day so far.

AUD/USD daily chart

The price is testing a meanwhile trendline support on the daily charts, with resistance in a double top at the daily structure, as shown on the chart above. The bias is on the downside as follows:

AUD/USD H4 chart

The 4-hour time frame sees the price testing below the trendline and after a correction into the Fibonacci scale, the bears have moved back in. This puts the focus on the recent lows of 0.6665. However, it will not be until the price breaks below 0.6650 and then 0.6580 that the bears will be in full control with 0.6550 and 0.6500 eyed.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending