June 28 , 2018
By looking at the daily chart we can see that pair is trading in a downtrend channel which is generating bearish signal and it is making successively lower lows and lower highs i.e. it’s hovering at 1 year’s fresh low. There is no fundamental news for AUD and due to the green signal of USD pair is getting weaker on day to day basis.
The 0.7496 level which was recent swings low was strong support level but bulls could not manage their self and it slipped to downside by providing a valid breakout of mentioned support level. The recent bearish marabuzo candlestick has been posted below the moving average line has confirmed further bearish sentiments in the pair. The ways pair is behaving on the pairs it seems like the short term to medium term trend is down. Odds are in favor of bears and intraday bias remains bearish on pair as long as 0.7500 level remains intact.
Once again pair has arrived at intermediate support level 0.7339 and a valid breakout of this level will open the way towards the 0.7200 level in short term. This breakout is expected as bears have taken the charge and it seems like they are not ready to take any kind of rest for the time being.
A bearish crossover on MACD indicator is favoring the bears and providing bearish signal for the time being and RSI is also providing bearish signal from below 50 territories. The 0.7600 level is immediate resistance level followed by 0.7700 whereas 0.7227 levels is strong key support level followed by 0.7150 levels.
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