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Salzworth
May 19, 2023 5:00 AM

Bearish Outlook on AUDUSD- 19 May 2023 Short

Australian Dollar/U.S. DollarFXCM

Description

On the 4H timeframe, there is bearish order flow, forming lower highs and lower lows. A pullback to key resistance zone at 0.67, which is in line with the 50% Fibonacci retracement level, and a break below downside confirmation level at 0.6580 could provide the bearish acceleration to the support zone at 0.6420, which coincides with the 161.8% Fibonacci extension level. Price is hovering below the 20 EMA and ichimoku cloud, supporting our bearish bias.
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