FX.co ★ AUD/USD

Forecast of AUDUSD The AUDUSD on the daily time frame chart broke the ascending channel and also crossed the moving average lines in the start of the previous month which is why the AUDUSD altered the trend direction with the intense momentum of bears. After the trend shift, a number of indicators advise bears to sell since they exhibit signs of bearish movement. The RSI indicator even predicted that the price would continue to decline for some time. Since the price has been below the 50 EMA line for the past week, the major trend for the AUDUSD on the weekly time frame chart is negative. Previously, the price climbed above the moving average lines for a few trading weeks. The bears' momentum was strong last week as the AUDUSD crossed the moving average lines to the downside. Although the price dropped slightly this week, it still indicates that it will continue to decline.

The AUDUSD displayed positive movement for price adjustment on the monthly time frame chart in recent months, as it challenged the oversold levels on a number of technical indicators during the price decline. Because of the bears' strong momentum, the AUDUSD began to decline last month, which is why it formed a strong bearish engulfing candle in the last month. For a long time, I advise selling the AUDUSD because the bears' momentum is at its highest point once more during this trading asset. I indicated the next few support levels in the accompanying diagram as the price would decline.