AUDUSD continues to range between 0.7483 and 0.7741. The pair is bound for a bearish run in the long term given that RBA continues to see the need for a weaker currency and cash rate has been lowered. However, given that the Dollar remains weak, we may see the pair to continue ranging for a while.
Current candle on H4 chart shows a continuation of the downtrend after finding resistance at 0.7783. However, candles now near the support at 0.7741 where we may see a reversal. Should candles continue break below 0.7741, it is possible to engage in a shorting position towards 0.76.
Focusing on H1 chart, bearish momentum of the pair remains strong with the previous candle breaking below previous low. Should candles continue to retain its bearish momentum, we can expect prices to touch Fibonacci Expansion 161.8% at 0.7738 before exhaustion occurs.
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Trend Direction
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S3
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S2
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S1
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R1
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R2
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R3
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| Bearish | 0.7670 | 0.7712 | 0.7738 | 0.7843 | 0.787 | 0.792 |
