Market news
24.03.2023, 00:07

AUD/USD Price Analysis: Bears in the market, chipping away into key support

  • AUD/USD bulls look to the  38.2% Fibonacci of the prior bearish leg and then 0.6725 which guards a continuation higher.
  • Bears are in the market and eye a move deeper into support. 

AUD/USD is under pressure below a key 0.6720 area and the focus is on the downside for the immediate future. The following illustrates the bias and the prospects of a deeper move into support:

The bias is bullish while being on the back side of the prior bearish trend although there is an emphasis on the downside for the meanwhile on the lower time frames:

Zoomed in, we can see that AUD/USD has left an M-formation on the 4-hour chart. Currently, a correction into the neckline would meet a 38.2% Fibonacci of the prior bearish leg. Either way, while below here, the bias is to the downside for a deeper test into the support area. 0.6725 is an upside resistance that guards a continuation higher subsequent of the bullish breakout. 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location