The AUDUSD currency pair on the 4-hour timeframe has been following a downtrend since 31 January. The price fell below the key support level of 0.70549 (the low of 12 February) and recorded 0.70292 on 6 March. The recent bearish move in the AUDUSD came after the strength in the US dollar following strong economic data and positive news regarding the US-China trade deal.
The 4-hour chart of the AUDUSD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms. The lowest value of the period under study was recorded on 6 March when the price registered the low of 0.70292. The highest value of the period under study was registered on 31 January when price reached 0.72945. Bears are in full control of the market as the price fell below the key support level of 0.70549.
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 AUDUSD currency pair. Momentum Oscillator is below the base-line which supports the bearish movement in the AUDUSD. In alternative scenario, immediate resistance for the AUDUSD is 0.70549, if price remains below this level, there is a strong chance of further bearish move in the currency pair.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
The 4-hour chart of the AUDUSD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms. The lowest value of the period under study was recorded on 6 March when the price registered the low of 0.70292. The highest value of the period under study was registered on 31 January when price reached 0.72945. Bears are in full control of the market as the price fell below the key support level of 0.70549.
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 AUDUSD currency pair. Momentum Oscillator is below the base-line which supports the bearish movement in the AUDUSD. In alternative scenario, immediate resistance for the AUDUSD is 0.70549, if price remains below this level, there is a strong chance of further bearish move in the currency pair.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.