AUDUSD (1H) - short term bearish bias
After breaking below the 4H support of 0.6770, the pair underwent a pennant-shaped consolidation. As selling pressure mounted, the breach of the lower end suggested renewed strength from the sell-side and that the bearish move is likely to carry on. The faster MA crossed below the slower one as a confirmation of deteriorating sentiment. We expect the current pullback to be temporary and contained by the averages. Then the price would test previous daily lows around 0.6730.
Key support: 0.6730
Key resistance: 0.6790
After breaking below the 4H support of 0.6770, the pair underwent a pennant-shaped consolidation. As selling pressure mounted, the breach of the lower end suggested renewed strength from the sell-side and that the bearish move is likely to carry on. The faster MA crossed below the slower one as a confirmation of deteriorating sentiment. We expect the current pullback to be temporary and contained by the averages. Then the price would test previous daily lows around 0.6730.
Key support: 0.6730
Key resistance: 0.6790