AUD/USD Downtrend Testing Post-COVID Lows
Chart Analysis:
The AUD/USD pair remains in a persistent downtrend, with prices recently testing a critical horizontal support level near 0.6170.
1️⃣ Downtrend Line:
A steep descending trendline (red line) highlights sustained bearish momentum.
Price has yet to break above this line, signaling continued pressure on the downside.
2️⃣ Key Support Level:
Horizontal support at 0.6170 has held so far, forming a potential base for near-term consolidation or bounce attempts.
3️⃣ Moving Averages:
50-day SMA (blue): Trending downward at 0.6386, reinforcing the bearish bias.
200-day SMA (red): Declining at 0.6589, confirming a longer-term downtrend.
4️⃣ Momentum Indicators:
RSI: At 35, approaching oversold territory but not yet signaling a reversal.
MACD: Bearish momentum persists as the MACD line stays negative, though slightly stabilizing.
What to Watch:
A decisive close below 0.6170 could trigger further downside, potentially targeting 0.6100.
Conversely, a break above the descending trendline would challenge the bearish structure and open the door for recovery toward the 50-day SMA.
Watch for signs of momentum divergence on the RSI as the pair nears critical support.
AUD/USD remains vulnerable within its prevailing downtrend. However, the horizontal support at 0.6170 offers a focal point for traders monitoring potential breakout or breakdown scenarios.
-MW
The AUD/USD pair remains in a persistent downtrend, with prices recently testing a critical horizontal support level near 0.6170.
1️⃣ Downtrend Line:
A steep descending trendline (red line) highlights sustained bearish momentum.
Price has yet to break above this line, signaling continued pressure on the downside.
2️⃣ Key Support Level:
Horizontal support at 0.6170 has held so far, forming a potential base for near-term consolidation or bounce attempts.
3️⃣ Moving Averages:
50-day SMA (blue): Trending downward at 0.6386, reinforcing the bearish bias.
200-day SMA (red): Declining at 0.6589, confirming a longer-term downtrend.
4️⃣ Momentum Indicators:
RSI: At 35, approaching oversold territory but not yet signaling a reversal.
MACD: Bearish momentum persists as the MACD line stays negative, though slightly stabilizing.
What to Watch:
A decisive close below 0.6170 could trigger further downside, potentially targeting 0.6100.
Conversely, a break above the descending trendline would challenge the bearish structure and open the door for recovery toward the 50-day SMA.
Watch for signs of momentum divergence on the RSI as the pair nears critical support.
AUD/USD remains vulnerable within its prevailing downtrend. However, the horizontal support at 0.6170 offers a focal point for traders monitoring potential breakout or breakdown scenarios.
-MW
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