AUD/USD Potential Downward Movement

AUD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.6691, 0.6741, 0.6780

Key Support Levels: 0.6648, 0.6632, 0.6603

4-Hour Chart:

The price on the higher time frame has been in a downtrend recently after the price faced resistance at the 0.6797 level. The pair has continued to break support levels of 0.6753 and 0.6705 which suggests trend continuation.

AUD/USD Medium-Term Trend: Bearish

30-Minute Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It broke a consolidation level of 0.6780 and 0.6741 to the downside and has sustained below that. As of now the pair has broken and retested another level of 0.6691 before continuing the momentum.

Signal Idea:

Sell Stop Order @ 0.6675

TP @ 0.6656

Stop Loss @ 0.6694

Trade Safely 🙂