AUD/USD – Bears are in full control

FX:AUDUSD   Australian Dollar / U.S. Dollar
The AUD/USD currency pair on the 4-hour time frame has been following a downtrend recently. The price dipped below key support level of 0.69000 on 17 May. The price action in the AUD/USD is mainly driven by the strength in the US Dollar . As of writing, the price is hovering around 0.68730, bears are in full control of the market as the currency pair showing negative MACD and RSI below 50.
The 4-hour chart of the AUD/USD confirms the negative sentiment in the price movement as the currency pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the AUD/USD . RSI ( Relative Strength Index ) showing values below 50 which supports the bearish sentiment.
In alternative scenario, first resistance level lies at 0.69341. Bulls must break this level in order to regain bullish sentiment in the market.
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