FX.co ★ AUD/USD

Hello to everyone and welcome to today's update. Today I will share analysis on the AUDUSD pair, which is moving in a downtrend, but since last week we saw that the pair showed some positive intent of growth in price. So, without wasting time, I will come to the main business. Let's start today's analysis. H4 timeframe technical analysis: According to the H4 timeframe analysis, last week the pair tried to rise, but on Friday it again started its decline from the level of 0.6531 and bounced back toward the support level of 0.6362, but it couldn't touch that level, and today from the very beginning of the market the pair showed positive momentum and is now trying to recapture the previous level of 0.6520. However, one thing to keep in mind is that the opportunity to sell will be available until the price is trading in a descending channel.From the technical perspective, the RSI indicator is still trading below the 50 level, which indicates that from here the price could jump to anywhere.

Daily Timeframe technical analysis analysis: We can observe that AUDUSD is moving as a result of the seller's pressure on the pair's daily chart. Clearly, the bearish trend established on the AUDUSD pair means that there is a significant selling opportunity. Here, we still have opportunity for another price decline of at least 200 pips before prices return to the created monthly support. Personally, I'm also anticipating a subsequent bearish wave, and I anticipate that the price will drop near the 0.5975 level during this wave. Furthermore, although the technical indicators are displaying strong oversold readings, they still have low heads.