Overview:
Pair: AUD/USD.
Trend: Sideways.
Coronavirus disease (COVID-19) perhaps leading to fresh falls, despite of we have a sideway tend at the moment.
The trend of AUD/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability.
Amid the previous events, the price is still moving between the levels of 0.6255 and 0.6442. Also, the daily resistance and support are seen at the levels of 0.6255 and 0.6442 respectively.
Therefore, it is recommended to be cautious while placing orders in this area.
So, we need to wait until the sideways channel has completed. Yesterday, the market moved from its bottom at 0.6255 and continued to rise towards the top of 0.6400.
Today, in the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 0.6424, the market will indicate a bearish opportunity below the strong resistance level of 0.6442 (the level of 0.6442 coincides with the double top too).
Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.6442 with the first target at 0.6300 . If the trend breaks the support level of 0.6300, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6255 in order to test the daily support 1 (horizontal green line).
Comment:
The weekly pivot is seen at the level of 0.6355.
The market is still in a sideways. But we still prefer the bearish scenario.
