08/06 AUDUSD continues to weaken


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AUDUSD continues to weaken after the release of U.S Non-Farm Employment Change data, pushing prices back to regions of 0.76. Observing the weekly chart, candles now touch the weekly support at 0.7600, where a rebound could send the pair back up towards the top of the descending triangle. We may start to observe a ranging market for the weeks to come should candles this week close above 0.7600. However, given the strong bearish momentum of the pair due to the release of a highly positive U.S Non-Farm Employment Change data last Friday, the pair is expected to continue on the bearish run for the week to come.

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Observing the daily chart, 0.7600 holds as a very strong support level where we may see a rebound of candles. Given that prices have consistently held above 0.7600, any breaking of prices below 0.7600 will signify a continuation of falling prices which will send the pair forming new lows. However, should candles rebound, the first level of resistance lies at price 0.7700, which was a resistance and support for the pair for the past few months. Attention should be paid to these two prices as any closing above or below on the daily chart will cause significant movements within the market.

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Focusing on the H4 chart, candles now draw near the previous low at 0.7597. Although 0.7600 was observed to be a strong support on the daily chart and should candles close below that price, a continuation of the bearish run is expected but paying attention to the Fibonacci Retracement, traders have to take note of -10.0% at 0.7541 where should candles fail to close below could signify a possible reversal of the bearish run.

Trend Direction
 S3
S2
S1
R1
R2
 R3
 
 
Bearish if candles close below 0.7600 0.75000.7541 0.7600 0.77000.7800 0.7879

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